Foreign financial institutions in China

Foreign-funded financial institutions in China are foreign-funded financial institutions established within the territory of my country. There are specifically the following two categories:

1 It is a representative office of foreign financial institutions in China. The scope of work of the representative offices of foreign financial institutions in China is to conduct non-profit activities such as work negotiations, liaisons, consultations, and services, and shall not carry out any profit-making business. Setting up a representative office in China is a necessary step for foreign banks to enter our country. In 1979, the Export-Import Bank of Japan established the first representative office of a foreign bank in the background.

The second is the business branches established by foreign financial institutions in China. This includes wholly foreign-owned banks, foreign bank branches, joint venture banks, wholly-owned financial companies, joint venture financial companies, etc. According to the "Measures of the People's Republic of China on the Administration of Foreign-Invested Financial Institutions" promulgated in 2002. , these foreign-funded financial institutions can engage in some or all of the following business projects: 1. Taking deposits from the public; 2. Granting loans; 3. Handling bill discounts; 4. Buying and selling government bonds, financial bonds, and buying and selling other foreign currency securities other than stocks; 5. Providing letter of credit services; 6 providing guarantees; 7 handling domestic and foreign settlements; 8 buying and selling, agency trading; 9 engaging in foreign currency exchange; 10 engaging in inter-bank lending; 11 engaging in bank card business; 12 safe deposit box business; 13 credit investigation and consulting services, and Other approved businesses.

In November 2001, my country officially joined the WTO. In accordance with the agreements signed with relevant countries, our country is adopting the principle of gradual and gradual opening up of the financial industry. This includes the banking, securities and insurance industries. Its goal is to gradually realize that foreign-funded financial institutions enjoy national treatment in my country before the deadline promised in the agreement.