Overseas-funded banks must accept China's supervision

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Last updated at: (Beijing Time) Friday, October 03, 2003

Overseas-funded banks must accept China's supervision

Overseas-funded banks in China must comply with the supervisory requirements set by the country, said an official with the China Banking Regulatory Commission ( CBRC) Tuesday.

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Overseas-funded banks in China must comply with the supervisory requirements set by the country, said an official with the China Banking Regulatory Commission ( CBRC) Tuesday.

The official, in answering questions from the press on issues concerning overseas-funded banks, said China has timely fulfilled its commitments to the World Trade Organization and has tried to set the same supervisory standards for both domestic and overseas- funded banks.

All the supervisory policies and standards are formulated according to Chinese laws and with authorization of the State Council, China's cabinet, while taking related internationally accepted rules as reference, said the official.

In the opening process of the Chinese banking sector, the operational range difference between domestic and overseas-funded banks is diminishing, and in the long run, the CBRC will adopt unified supervisory standards for Chinese and overseas-funded banks, he said.

As for some specific standards, differences still exist currently, said the official, who attributed this to the partial openness of the Chinese banking industry, historical factors such as the preferential policies to foreign banks, and different risks faced by Chinese and foreign-funded banks.

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