Loan market and developments Please provide a brief overview of the current state of the loan markets in your jurisdiction and any significant recent market developments. Looking back over the past three to four years, the loan market of China has undergone a series of significant developments and changes. Note that solely for the purpose of this Practice Note, ‘PRC’ or ‘China’ means the People’s Republic of China, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan. The structural reform of the financial supply-side and financial regulatory system continues to take place steadily. On 18 May 2023, the China Banking and Insurance Regulatory Commission (CBIRC), the regulatory body for the banking and insurance sectors, was succeeded by the National Financial Regulatory Administration (NFRA). NFRA's scope has been expanded beyond that of CBIRC, and it is now responsible for regulating all financial activities except for the securities sector. Meanwhile, a number of new regulations relating to the loan market has been gradually released. A brief summary of the key developments