Foreign banks take on China regulator
(21 August 2006 – China) Foreign banks with Chinese operations are shaping up for a stoush with government regulators following proposed rules on additional capital and taxes.
A meeting is reportedly set to take place between some 30 foreign banks and China Banking Regulatory Commission officials in Beijing this week, giving foreign banks a platform to air grievances about the proposed new rules.
The major Chinese banks are expected to also meet the regulators in a separate meeting to try and protect their interests.
The meetings have come about after the China Banking Regulatory Commission informed certain foreign banks of new rules which might require them to incorporate in China, place US$125.5 million in additional capital and also pay higher taxes.
The major Chinese banks are expected to also meet the regulators in a separate meeting to try and protect their interests.
The meetings have come about after the China Banking Regulatory Commission informed certain foreign banks of new rules which might require them to incorporate in China, place US$125.5 million in additional capital and also pay higher taxes.
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