Caixin published an article titled "Chinese Government Allows Domestic Assets to Issue RWA Abroad and Releases Regulatory Framework for RWA," which states: "The issuance of RWA (Real-World Asset Tokenization) abroad using domestic assets will no longer be a gray area. Regulatory authorities believe that foreign debt RWA, equity RWA, and asset securitization RWA should be regulated according to the principle of 'same business, same risk, same rules,' and should be regulated in accordance with traditional financing activities that correspond to these three categories. Therefore, foreign debt RWA will be overseen by the National Development and Reform Commission; equity RWA and asset securitization RWA will be overseen by the China Securities Regulatory Commission. Like traditional overseas financing activities, overseas RWA also involves the repatriation of funds raised abroad and is supervised by the State Administration of Foreign Exchange. Other forms of RWA will be regulated by the China Securities Regulatory Commission in conjunction with relevant departments according to their responsibilities.

In short, foreign debt RWA, equity RWA, asset securitization RWA, and other forms of RWA— the first three categories correspond to traditional overseas financing activities, where corporate foreign debt is reviewed and registered by the NDRC, stock issuance is reviewed by the 'Stock Exchange and registered by the CSRC,' and asset securitization is reviewed by the Stock Exchange. All other cases outside these three categories are classified as the fourth type.