Time marches on, and the seasons keep flowing. In 2024, the global stage was a tapestry of turbulence and transformation, marked by escalating geopolitical conflicts and a "super election year" that amplified the clash of political ideologies. Against this backdrop, China's financial policies navigated the storm with resilience, advancing steadily. A raft of incremental policies effectively bolstered overall market confidence, while new quality productive forces developed steadily, propelling the nation forward on the course of high-quality development.

Despite the fierce winds, China presses ahead with determination. As the final year of the 14th Five-Year Plan, 2025 presents a global landscape that remains complex and challenging. In this context, China's financial regulators have adhered to the principles of "risk prevention, robust regulation, and development promotion." Through precise and impactful policy measures, they have effectively helped domestic demand to grow, driven the sustained recovery of the real economy, and injected powerful momentum into global economic revival.

Through thick and thin, we stand with our clients, helping them to seek opportunities in a challenging market. The Financial Industry Group (FIG) of Fangda Partners has prepared the PRC Financial Regulation: Annual Report (2025) to help our clients with our assessment of what we think is going to happen and to help them with their future planning. The Report covers milestone events, main regulatory developments and outlooks in the banking, securities and futures, asset management/wealth management, FinTech and insurance sectors, as well on the special sector of green finance and carbon markets.

Identifying certainty in the midst of uncertainty and helping our clients to achieve stable and long-term development are the unremitting pursuits of Fangda’s Financial Industry Group. We advise both domestic and overseas clients on the most cutting-edge and complex legal issues involved in China’s financial services sector. We are at the forefront of significant initiatives in this sector, leading the market’s most groundbreaking transactions and new product structures. With our profound understanding of the market, we are able to provide creative solutions to our clients in a complex financial regulatory environment.

We believe that, as market participants, you may have your comprehensive and practical observation and understanding of the market. If you have any comments or suggestions on the content of this report, please feel free to contact us. We have been committed to China’s financial services sector for many years and are looking forward to observing  changes in the market, facing those changes and identifying the future trends together with you and are willing to have your thoughts and feedback!