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Commitments under CEPA -- Banks
Latest Updated by 2004-02-18 19:43:21


WTO commitments or existing regulations on examination and approval

1.       Asset scale of the applicant: The applicant applying for the establishment of foreign legal institution in China shall have total assets of more than US$ 10 billion at the end of the year prior to filing the application. The applicant applying for establishing a branch of a foreign bank in China shall have total assets of more than US$ 20 billion at the end of the preceding year. 2. The foreign party to a joint venture bank of finance company shall have established a representative office within the territory of China. 3. A foreign financial institution shall have operated within the territory of China for more than 3 years prior to filing the application for operating RMB business.

Commitments under CEPA

1. For Hong Kong banks to set up branches or body corporate in the Mainland, the total asset requirement at the end of the year preceding application shall be no less than US $ 6 billion; for finance companies to set up body corporate, the total asset requirement at the end of the year preceding application shall be no less than US$ 6 billion. 2. There shall be no requirement for setting up a representative office in the Mainland before a Hong Kong bank establishes a joint venture bank or joint venture finance company in the Mainland, or before a Hong Kong finance company establishes a joint venture finance company in the Mainland. 3. For Mainland branches of Hong Kong banks to apply to conduct RMB business: (1) they shall have been operating in the Mainland for more than 2 years; (2) in conducting profitability assessment, the relevant authorities shall base their assessment on the overall profitability position of all branches of the bank in the Mainland instead of the profitability position of its individual branches. 4. Concrete business scope: A.. Acceptance of deposits and other repayable funds from the public; B. Lending of all types, including consumer credit, mortgage credit, factoring and financing of commercial transaction; C. Financial leasing; D. all payment and money transmission services, including credit, charge and debit cards, travelers cheques and bankers drafts (including import and export settlement); E. Guarantees and commitments; F. Foreign exchange trading for own account or for account of customers.

Examination and Approval procedure

1. After the examination and consent by China Banking Regulatory Commission (CBRC) Shenzhen Office, the application for the establishment of a foreign-invested financial institution in Shenzhen is submitted to CBRC for examination and approval; 2. After CBRC approves the application and issues financial business permit, go through the procedure of registration with industry and commerce administration department.

Special Materials to be Submitted for Examination and Approval

Regulations of the People’s Republic of China on Management of foreign-invested Financial Institutions shall apply.

Editor: Catherine
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By: Source:South CN
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