Regulatory Changes - New regulations for financial infrastructure business supervision will be implemented starting October 1, focusing on risk management, corporate governance, and unified regulatory standards for financial market safety [1] - The new rules for internet lending by commercial banks will also take effect on October 1, requiring banks to establish clear management systems and risk management indicators [2] - The Beijing Stock Exchange will switch to new stock codes for existing listed companies starting October 9, facilitating trading and business operations [3] - A new system for the mandatory deregistration of "zombie companies" will be enacted on October 10, aimed at improving market ecology and promoting fair competition [4] - The revised Anti-Unfair Competition Law will come into effect on October 15, enhancing the legal framework for market competition and enforcement [5] - Internet platform companies will begin formally reporting tax-related information starting October 1, in compliance with new regulations [6] Digital Transformation - From October 1, the civil aviation sector will fully transition to electronic invoices, eliminating paper travel itineraries and allowing passengers to easily access their invoices online [7] - The railway sector will also adopt electronic invoices starting October 1, enabling passengers to request invoices within 180 days of their journey [7]

Core Viewpoint - The implementation of the "Financial Infrastructure Supervision and Management Measures" marks a significant improvement in China's financial infrastructure regulatory system, emphasizing centralized regulation, safety prioritization, and international benchmarking [1][2]. Regulatory Framework Reconstruction - The Measures, jointly issued by the People's Bank of China and the China Securities Regulatory Commission, represent the first comprehensive departmental regulation covering financial infrastructure supervision in China [2][3]. - The Measures establish a dual-head regulatory system led by the central bank and the securities regulator, moving away from the previous multi-department governance model [3]. Operational Compliance Adjustments - The Measures require operational institutions to establish clear governance structures and effective accountability mechanisms, including a risk management committee [4]. - Institutions must enhance their risk management frameworks, ensuring robust identification, measurement, monitoring, and management of various risks, alongside stringent data security management [4]. - The scope of data localization has been narrowed from "all data" to "personal information and important data," with disaster recovery centers required to be located within China [4]. Impact on Financial Institutions - The Measures are expected to increase compliance costs and management capabilities for operational institutions, indirectly affecting participants in the financial infrastructure [5]. - Financial institutions, as core participants, will face stricter compliance and risk management standards, as well as more refined operational coordination and settlement efficiency requirements [5].

Group 1: New Regulations Effective from October - The revised Anti-Unfair Competition Law will take effect on October 15, addressing issues like "involution" competition and "free-riding" on brand names [1] - Starting October 1, civil aviation in China will fully transition to electronic invoices, eliminating paper travel itineraries for domestic flights [2] - The railway sector will also adopt electronic invoices from October 1, allowing passengers to request electronic invoices within 180 days after their journey [5] Group 2: Financial Infrastructure and Tax Regulations - The Financial Infrastructure Supervision Management Measures will be implemented on October 1, focusing on the regulation of financial infrastructure operations and risk management [6][7] - Internet platform companies will begin formally reporting tax-related information from October 1, promoting tax fairness between online and offline businesses [13] - New regulations for internet lending will be enforced, emphasizing the need for banks to manage costs and risks without compromising management standards for the sake of business scale [14][16] Group 3: Other Relevant Regulations - The Permanent Basic Farmland Protection Red Line Management Measures will come into effect on October 1, clarifying the responsibilities of natural resources and agricultural departments [10][12] - A new procedure for compulsory company deregistration will be implemented on October 10, detailing the process and conditions for such actions [17] - The Beijing Stock Exchange will switch to new stock codes starting October 9, with preparations for the transition already in place [18]

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have issued the "Financial Infrastructure Supervision Management Measures," which focus on the regulation of financial infrastructure operations, risk management, and corporate governance, aiming for unified regulatory standards in the financial market. The measures will take effect on October 1, 2025 [1][2]. Group 1: Regulatory Framework - The measures consist of six chapters and thirty-seven articles, establishing a comprehensive regulatory framework for financial infrastructure, including operational, risk management, and governance rules [2]. - Financial infrastructure is defined to include systems for asset registration, clearing and settlement, trading facilities, important payment systems, and credit systems. Illegal establishment or operation of financial infrastructure is prohibited [2][3]. - The introduction of these measures is seen as timely, providing a detailed institutional framework for the standardized development of financial infrastructure in response to the increasing complexity and risks in the financial market [2][4]. Group 2: Risk Management and Oversight - The measures aim to enhance risk management and oversight by establishing clear standards for identifying systemically important financial infrastructure and macro-prudential management requirements [4][5]. - The framework includes provisions for inspections, penalties, recovery, and exit strategies, ensuring a complete regulatory loop from entry to operation to exit [4]. - The measures shift risk monitoring from reactive to proactive, allowing for early warnings and reducing the space for regulatory arbitrage, thereby fostering a fair and transparent market environment [4][5]. Group 3: International Alignment and Competitiveness - The measures emphasize the need for financial infrastructure to align with international standards, such as the "Principles for Financial Market Infrastructures (PFMI)," while considering China's specific circumstances [6][7]. - The implementation of these measures is expected to enhance the safety, stability, and efficiency of financial infrastructure, ultimately supporting the development of the real economy and improving China's competitiveness in the international financial market [7][8].

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have introduced the "Financial Infrastructure Supervision Management Measures" to enhance the regulatory framework for financial infrastructure, effective from October 1, 2023 [1][2]. Group 1: Regulatory Framework - The new measures aim to establish a unified and efficient regulatory framework for financial infrastructure, addressing the complexity and openness of the current financial system [1][2]. - The measures include 6 chapters and 37 articles, focusing on the regulation of financial infrastructure operations, risk management, and corporate governance [1][2]. - The introduction of the concept of "systemically important financial infrastructure" and its recognition standards is a significant aspect of the new regulations [2][3]. Group 2: Impact on Financial Market - The implementation of the measures is expected to positively impact the financial market by enhancing the transparency and efficiency of core processes such as clearing, settlement, and registration [2]. - In the long term, a well-structured and effectively governed financial infrastructure will support cross-border financial cooperation and the internationalization of the Renminbi, increasing China's influence in global financial rule-making [2][3]. Group 3: Compliance and Enforcement - Financial infrastructure operators are required to operate with licenses, and illegal establishment or provision of financial infrastructure services is strictly prohibited [3]. - The measures emphasize a collaborative regulatory approach, ensuring compliance and stability in the operation of financial infrastructure [3]. - The ongoing efforts will focus on building a resilient financial infrastructure system that supports high-quality economic development [3].

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have issued the "Financial Infrastructure Supervision and Management Measures," effective from October 1, 2023, to enhance the regulatory framework for financial infrastructure and mitigate systemic risks [1][2]. Summary by Relevant Sections Regulatory Framework - The new measures unify the regulation of six types of financial infrastructure, clarifying regulatory responsibilities and enhancing oversight in risk management, corporate governance, and operational requirements [2][3]. - The introduction of "systemically important financial infrastructure" and its recognition standards marks a significant step in establishing a centralized regulatory approach, with the People's Bank of China responsible for macro-prudential management [2]. Impact on Financial Market - Short-term effects include the standardization and upgrade of core processes such as clearing, settlement, and registration, which will enhance market transparency and efficiency [2]. - Long-term implications involve providing technical support for cross-border financial cooperation and the internationalization of the Renminbi, thereby increasing China's influence in global financial rule-making [2]. Compliance and Operational Standards - Financial infrastructure operators are required to operate with licenses, and illegal establishment or provision of financial infrastructure services is prohibited [3]. - The measures outline comprehensive regulations from institutional entry to daily operations and supervision, ensuring compliance and stability in financial infrastructure operations [3]. Future Directions - The People's Bank of China plans to continue strengthening the construction and coordinated regulation of financial infrastructure, aiming to create a rationally structured, effectively governed, and resilient financial infrastructure system to support the development of a strong financial nation [3].

Core Viewpoint - The introduction of the "Financial Infrastructure Supervision and Management Measures" by the People's Bank of China and the China Securities Regulatory Commission aims to establish a unified and efficient regulatory framework for financial infrastructure, effective from October 1, 2023 [1][2]. Group 1: Regulatory Framework - The new measures consolidate the regulation of six types of financial infrastructure into a unified framework, addressing previous fragmented oversight and enhancing regulatory clarity [2][3]. - The measures define the responsibilities of regulatory bodies and emphasize risk management, corporate governance, and operational requirements [2][3]. Group 2: Systemic Importance - The concept of "systemically important financial infrastructure" is introduced, with clear criteria for its identification, enhancing centralized oversight by the People's Bank of China [2][3]. - This approach aims to maintain the stability of the financial system while ensuring effective management of significant financial infrastructure [2]. Group 3: Operational Compliance - Financial infrastructure operators are required to operate under licenses, preventing illegal establishment and operation of financial infrastructure services [3]. - The measures outline comprehensive regulations from institutional entry to daily operations and supervision, ensuring compliance and stability in financial infrastructure operations [3]. Group 4: Impact on Financial Markets - The implementation of these measures is expected to positively influence financial markets by upgrading core processes such as clearing, settlement, and registration, thereby enhancing market transparency and efficiency [2]. - In the long term, a well-structured and effectively governed financial infrastructure will support cross-border financial cooperation and the internationalization of the Renminbi, increasing China's influence in global financial rule-making [2].

Core Viewpoint - The introduction of the "Financial Infrastructure Supervision and Management Measures" by the People's Bank of China and the China Securities Regulatory Commission aims to establish a unified and efficient regulatory framework for financial infrastructure, effective from October 1, 2023 [1][2]. Group 1: Regulatory Framework - The new measures consolidate the regulation of six types of financial infrastructure into a unified framework, addressing previous fragmented oversight and enhancing regulatory clarity [2][3]. - The measures define the responsibilities of regulatory bodies and emphasize risk management, corporate governance, and operational requirements [2][3]. Group 2: Systemic Importance - The measures introduce the concept of "systemically important financial infrastructure" and establish criteria for its identification, enhancing centralized oversight by the People's Bank of China [2][3]. - This approach aims to maintain the stability of the financial system while ensuring effective management of significant financial infrastructure [2]. Group 3: Operational Compliance - Financial infrastructure operators are required to operate under licenses, with strict prohibitions against illegal establishment and operation of financial infrastructure services [3]. - The measures outline comprehensive regulations from institutional entry to daily operations and supervision, ensuring compliance and stability in financial infrastructure operations [3]. Group 4: Long-term Impact - In the short term, the measures are expected to enhance the standardization of core processes such as clearing and settlement, improving market transparency and efficiency [2]. - In the long term, a well-structured and effective financial infrastructure system will support cross-border financial cooperation and the internationalization of the Renminbi, increasing China's influence in global financial rule-making [2].

Group 1 - The core viewpoint of the news is the implementation of the "Financial Infrastructure Supervision and Management Measures" by the People's Bank of China and the China Securities Regulatory Commission, effective from October 1, 2025, to enhance the regulation of financial infrastructure [1][2] Group 2 - The "Measures" consist of six chapters and thirty-seven articles, focusing on the regulation of financial infrastructure operations, risk management, and corporate governance [2] - The "Measures" establish standards for identifying systemically important financial infrastructure and macro-prudential management requirements, aiming to unify regulatory standards for financial infrastructure [2] - The People's Bank of China will continue to strengthen the construction and coordinated regulation of financial infrastructure, promoting a well-structured, effective governance, advanced, reliable, and resilient financial infrastructure system [2]

Group 1 - The Ministry of Finance and the State Taxation Administration announced the resumption of VAT on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8 [1] - The Hong Kong High Court ruled that Zong Fuli cannot withdraw or transfer any assets from the bank account of Jianhao Venture Capital Limited until the litigation results are finalized [1] - The U.S. non-farm payrolls increased by only 73,000 in July, the lowest in nine months, significantly below the expected 110,000, indicating a rapid slowdown in the labor market [1] Group 2 - The central bank emphasized the implementation of a moderately loose monetary policy and enhancing the effectiveness of monetary policy measures [2] - The National Development and Reform Commission plans to accelerate the establishment of new policy financial tools to support private enterprises in major national projects [2] - The Supreme Court issued judicial interpretations on labor disputes, clarifying that agreements not to participate in social insurance are invalid [2] Group 3 - The Ministry of Finance reported six typical cases of local government hidden debt, with Xiamen, Chengdu, and Wuhan East Lake New Technology Development Zone adding hidden debts of 68.396 billion, 61.408 billion, and 10.385 billion respectively [3] Group 4 - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.37% to 3559.95 points, and the total trading volume for the day was 1.62 trillion [4] - The Hong Kong Hang Seng Index closed down 1.07% at 24507.81 points, marking four consecutive days of decline [5] Group 5 - The Hong Kong Stock Exchange published a consultation summary on optimizing IPO pricing and public market regulations, allowing a reduction in the minimum allocation ratio for IPO book-building from 50% to 40% [5] - The Shanghai Stock Exchange clarified that pre-application consultation is not a mandatory procedure for project acceptance [5] Group 6 - In the electric vehicle sector, July delivery figures showed significant growth for several companies, with Leap Motor surpassing 50,000 deliveries for the first time [9] - The Ministry of Industry and Information Technology issued a digital transformation implementation plan for the machinery industry, aiming for 50% of enterprises to reach a maturity level of two or above by 2027 [10] Group 7 - The State Administration of Foreign Exchange outlined key tasks for foreign exchange management, emphasizing the need for macro-prudential management of cross-border capital flows [21] - The onshore RMB closed at 7.2106 against the USD, down 176 basis points from the previous trading day [21]