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China's commercial banks are expected to see an increase in non-performing loans as many firms have a lower cash flow and suffered a drop in net profits.
A new rule to regulate service charges of Chinese commercial banks is expected to come into effect soon, according to an CBRC official.
Foreign investors' interest in China's insurance market is growing, despite the flat performance of foreign insurers in the country in recent years.
Hong Kong stocks fell 154.11 points, or 0.75 percent, at 20,330.64 on Wednesday.
China's stock index futures closed lower Wednesday, with the contract for May, the most actively traded, down 1.5 percent from the previous trading day to 2,663.6 points.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, shed 12.37 points, or 1.69 percent, to close at 719.35 points on Wednesday.
China sped up approvals for QFII during the first four months of this year, official statistics showed Wednesday.
Chinese shares closed sharply lower Wednesday, with the benchmark Shanghai Composite Index down 40.3 points, or 1.65 percent, to 2,408.59.
China plans to speed up the approval process for long-term investment funding under the QFII scheme, preparing for the complete opening up of the capital account.
China set new rules on Tuesday to regulate the issuance of yuan-denominated bonds in Hong Kong by non-financial institutions on the mainland.
Citigroup Inc recommends investors sell China's 10-year government bonds and buy similar-maturity notes issued by China Development Bank.
Cybercrime has risen up the ranks to become the second most commonly reported economic crime affecting companies in the financial services sector.