26 Asian Legal Business | January-February 2025 and inspection methods will become more normalised and comprehensive,” notes Luan. As a result of tighter regulatory and compliance requirements, Luan predicts a period of consolidation of the legal marketplace. “The increased costs may cause some law firms to integrate or optimise their business, and to some extent, leading to a round of survival of the fittest among lawyers and law firms engaged in securities legal business,” says Luan, who believes this trend could be “ultimately beneficial” to standardising industry practices and standards. Looking at broader economic developments, partner Xinggao Pan anticipates significant shifts in international trade dynamics driven by rising geopolitical tensions between China and the United States. “With U.S. President Donald Trump returning to power in 2025 and the introduction of some new trade policies, in particular of the restrictions on China in the field of chip semiconductor technology, the trade war between China and the U.S. will be further intensified, which may have a profound impact on the economic and industrial chain restructuring of China and the U.S. and even the world,” says Pan. However, Pan sees opportunities for regional cooperation especially through the China-ASEAN Free Trade Area 3.0., noting that “the main obstacles to free trade between China and ASEAN have shifted China The legal industry in the People’s Republic of China is bracing for tightened securities regulatory framework and evolving international trade relationships that target strategic industries. Jianhai Luan, partner at Commerce & Finance Law Offices in Beijing, highlights the intensifying regulatory environment in securities law, including the implementation of revised Management Measures and new regulatory frameworks. “The legal industry, especially the securities sector, will face strong regulatory pressure this year. Regulatory agencies will continue to explore new regulatory models, as well as regulatory measures Asia outlook 2025 The legal industry across Asia is looking ahead to major regulatory changes in 2025, primarily focusing on technology, financial services, and cross-border trade. Key developments to watch include China’s tightened securities framework, Hong Kong’s financial hub evolution, and India’s economic expansion, even as sectors like AI, digital assets, and ESG drive regulatory attention amid growing geopolitical tensions. By Sarah Wong and Nimitt Dixit 2025 Outlook
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