China released guidance on financial services to support key industries and reduce productivity excess

The People’s Bank of China (“PBOC”), the China Banking Regulatory Commission (“CBRC”), the China Securities Regulatory Commission (“CSRC”) and the China Insurance Regulatory Commission (“CIRC”) jointly released the Guiding Opinions on Supporting the Adjustment and Revitalization of the Key Industries and Restraining the Productivity Excess of Certain Industries via Financial Services (the “Financial Services Guiding Opinions”) on December 22, 2009.