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Gambling crackdown and A-share markets among major topics

Xu Wei
Updated: Jul 17,2018 2:47 PM     China Daily

A number of ministries, including the Ministry of Public Security, the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission, have responded in the last week to issues of public concern.

Police bust illegal syndicates

The Ministry of Public Security said on July 12 that police nationwide had investigated more than 100 gambling syndicates with the funds involved exceeding more than 1 billion yuan ($149.5 million) during the World Cup.

Some of the syndicates acted as agents for overseas gambling websites and encouraged people to place bets on unlikely outcomes to maximize profits, the ministry said in a statement.

In one case, police in Guiyang, Guizhou province, arrested more than 70 people who were alleged to have used gambling websites overseas to set up casinos. The total funds involved in the case reached more than 100 million yuan, the ministry said.

Before the World Cup started, police had already investigated more than 2,500 online gambling cases and seized more than 3 billion yuan in gambling funds.

The ministry has also worked with related government departments to close a number of websites that were involved in online lottery and betting.

Foreigners get access boost

China will further open its A-share market to foreign investors, the country’s top securities regulator said on July 8.

Foreign individuals working in the Chinese mainland and those who work overseas but at companies listed on the A-shares market and have equity incentives will be allowed to open A-share accounts, according to a draft rules revision released by the China Securities Regulatory Commission.

Securities regulatory bodies from the countries of qualified foreigners should have already established cooperation mechanisms with the commission, it said.

New measures for telecom sector

The Ministry of Industry and Information Technology wants telecommunication companies to offer push services for telecommunication bills on a monthly basis to users starting from August.

The ministry will also launch a special campaign targeting nuisance calls together with more than 10 government departments.

The early warning, monitoring, detecting and interception of nuisance calls will also be reinforced.

The ministry said it will also deal with wrongdoing concerning the making of unsolicited and unwanted phone calls.

Compensation to be regulated

China will further regulate national compensation procedures as government departments with compensatory obligations are required to make decisions within two months, according to a draft regulation by the Ministry of Public Security.

The draft, which was issued by the ministry to solicit public opinion, requires the legal office of departments with compensatory obligations to conduct an investigation within five days of receiving compensation applications.

The organization should examine the facts, evidence, and reasons for the application, said the draft.

Applicants can change their compensation claims during the investigation. If the organization finds the claim to be incomplete or inaccurate, it should inform the applicant to update the claim before the investigation concludes, the draft said.

After ascertaining the facts, if compensation is due, the department should fully listen to the applicant’s opinion and consult with the applicant on the methods, items, and amount of the compensation within legal limits, it said.

Green light for new banks

China’s banking regulator greenlighted the establishment of branches of several overseas banks in its latest effort to open up financial sectors.

The China Banking and Insurance Regulatory Commission has approved the application from the Arab Bank of Jordan for setting up a branch in Shanghai, and the application from CTBC Bank for establishing a branch in Shenzhen, the regulator said on July 11 on its website.

It has also greenlighted a sub-branch of the Bank of East Asia in Shenzhen to be upgraded into a branch, and the opening of subsidiaries of Chang Hwa Bank and Cathay United Bank in the Chinese mainland.

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