Executive Summary: The contrasting fates of foreign companies in two recent fraud cases suggest that the People’s Republic of China (PRC) treats firms differently depending on their political utility. AstraZeneca has been guilty of widespread medical insurance fraud but has probably been treated leniently by... MORE

Executive Summary: The People’s Republic of China (PRC) continues to use Hong Kong to test policies and build support for the internationalization of its currency, the renminbi (RMB). The city is now the world’s largest offshore RMB clearing center. The Cross-border Interbank Payment System (CIPS)... MORE

Executive Summary: Two major developments have followed the Third Plenum in July. First, a series of economic data releases indicated that the plenum had done nothing to improve the country’s short-term outlook. Second, a series of stimulus measures were announced over a two-week period, that... MORE

Executive Summary: In a departure from the long-term economic program announced at the Third Plenum in July, the Party leadership used an unusual politburo meeting in September to acknowledge “new situations and challenges” in the economy, unveiling its most significant stimulus package in recent years.... MORE

Executive Summary: In an apparent U-turn, the People’s Republic of China (PRC) has initiated stimulus policies that have boosted the stock market and are attempting to jump-start key sectors and meet the annual GDP growth target of 5 percent. In the last week of September,... MORE

Executive Summary: New Network Data Security Management Regulations approved by the People’s Republic of China (PRC) State Council will serve as a national-level framework to clarify and enhance the implementation of existing laws, including the Cybersecurity Law (CSL), Data Security Law (DSL), and Personal Information... MORE

Executive Summary: Ant Group’s strategy since the fallout from its canceled IPO in 2020 and subsequent crackdown on the fintech sector has seen it seek opportunities while capturing projects within the People’s Republic of China (PRC) that are aligned with government priorities. Key markets for... MORE

Executive Summary: Hong Kong’s Securities and Futures Commission (SFC) announced that 11 cryptocurrency exchanges are close to being licensed to operate in the city, aiming to establish Hong Kong as a leading digital assets hub. However, 12 exchanges did not advance in the licensing process,... MORE

Executive Summary: Russia announced in early April that nearly all domestic financial transactions are now being conducted through the Financial Transaction System, which was created as an alternative to SWIFT. The development of new financial systems is part of a broader desire for greater independence... MORE

Executive Summary: Despite the Chinese Communist Party's restrictions on decentralized virtual currencies, the PRC has maintained a significant underground cryptocurrency industry, with investors posting $1.15 billion in gains in 2023. PRC investors are driven to digital assets by practical considerations amid limited traditional investment opportunities... MORE