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Insurance Authority CEO: Tighter Cross-border Capital Supervision Aims to Combat Violations; No Need for Excessive Concern
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As Mainland China has recently stepped up scrutiny of cross-border capital flows, Clement Cheung, CEO of the Insurance Authority, responded at a summit that the move was triggered by certain illicit actors conducting illegal cross-border capital activities through specific channels. Regulating such activities is entirely appropriate; otherwise, it would deviate from the country’s positioning of Hong Kong. Cheung accentuated that enhanced supervision is intended to combat violations, adding that the key lies in strengthening formal cross-border connectivity channels while carrying out effective regulatory work. The market needs not be overly concerned, and robust supervision will be conducive to Hong Kong’s development in the long run. AASTOCKS Financial News |
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