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Last updated at: (Beijing Time) Friday, June 28, 2002

China Rules on Management of Foreign Financial Institutions

A foreign financial institution, should it already have five or more local-based branches, may apply for a head office of these as were made known by related regulations lately promulgated in China.


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A foreign financial institution, should it already have five or more local-based branches, may apply for a head office of these as were made known by related regulations lately promulgated in China.

Known as 'Regulations on Management of Foreign Financial Agencies in China', the regulations thus worked out by the People's Bank of China in line with the 'Regulations Governing the Management of Foreign Financial Institutions in the People's Republic of China' are all because of economic development and China's opening'. It is reported the 'Regulations' will take effect by July 18, 2002.

By foreign financial institutions are meant those that have been set up and locally registered in China. According to the 'Regulations' promulgated, foreign financial institutions that have been operating with five or more local branches may apply for a head office to be formed and with these a verifying approval system will be followed. All the work and related procedures as for seeking approval for their founding and checking up on their qualifications will be put under the full responsibility of concerned authoritative departments under the People's Bank of China according to stipulations made.

No foreign financial institutions or agencies could be allowed to operate in China not to say hanging signboard out with no approval or authorization from the People's Bank of China. Lawbreakers would be punished according to law and divested accordingly of the right to set up any new operations over a period of five years in China.

By People's Daily Online


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