00:00China has launched a sweeping nationwide crackdown on illegal cross-border financial activities
00:06involving overseas securities, futures trading and investment fund products.
00:11The campaign targets activities that illegally move domestic Chinese capital into foreign markets
00:16without official approval from regulators in Beijing.
00:22The China Securities Regulatory Commission said such illegal securities practices violate Chinese law
00:28and disrupt the order of domestic financial markets.
00:31The campaign also targets overseas financial firms operating inside China without approval,
00:37along with their local partners and intermediaries.
00:40A two-year grace period has been introduced to allow firms to gradually wind down existing illegal operations and financial
00:47arrangements.
00:48During the transition period, investors will only be permitted to sell existing holdings
00:52and withdraw funds while new investments remain prohibited.
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