Overseas-funded banks must accept China's supervision
( 2003-10-01 11:40) (Xinhua)
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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