Meeting with Shanghai Financial Services Office on Opening-up of Banking Sector

2018-05-14 | Shanghai

During this meeting, Mr. Fu Youtu, Director of Department of International Cooperation of the Shanghai Municipal Financial Services Office, exchanged views with members of the Banking and Securities Working Group regarding the PBOC President Yi Gang’s current remarks on allowing foreign banks to simultaneously have subsidiaries and branches in China, and what foreign banks plan to do on this. While the announcement is welcomed by the foreign investors, the foreign banks look forward to concrete measures and timetables of policy implementation being introduced soon. The participants also shared some long-standing issues such as unpredictable SAFE policy changes, unclear written laws and regulations and the PBOC "window-guidance" work mechanism. The Chamber members urged the Chinese banking regulators to pay greater attention to and solve these issues as soon as possible.