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Banking and Securities Regulation in China

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Banking Regulation

Laws and Regulations

• Banking Regulation Law (2006): establishes the framework for banking regulation in China.
• People’s Bank of China Law (2003): governs the operations of the People’s Bank of China, the central bank of China.
• Law of the PRC on Commercial Banks (2015): regulates commercial banks and their activities.
• Administrative Regulations: issued by CBIRC (China Banking Regulatory Commission) and PBOC (People’s Bank of China), covering industry management, corporate governance, business operations, risk prevention, and information disclosure.

Licensing for Chinese-Funded Banks

• Commercial bank needs CBIRC approval to operate:
  • Accepting public deposits
  • Granting short-term, medium-term, and long-term loans
  • Conducting domestic and overseas settlements
  • Handling acceptance and discounts on negotiable instruments
  • Issuing financial bonds
  • Acting as an agent to issue, honour, and underwrite government bonds
  • Buying and selling government bonds and financial bonds
  • Engaging in inter-bank loans
  • Buying and selling foreign exchange for its own purposes or as an agent
  • Engaging in the bank card business
  • Providing letters of credit services and guarantees
  • Acting as an agent for receipts and payments and insurance business operations
  • Providing safety deposit box services

Specific Licensing Requirements for Chinese-Funded Banks

• Implementing Measures for Administrative Licensing Matters Related to Chinese-funded Commercial Banks (revised in 2022): stipulates specific licensing requirements for Chinese-funded banks.
• Implementing Measures for Administrative Licensing Matters Related to Rural Small- and Medium-sized Financial Institutions (revised in 2022): regulates the operations of rural small- and medium-sized financial institutions.

Licensing for Foreign-Funded Banks

Definition of Foreign-Funded Bank

• Wholly foreign-owned bank financed by one foreign bank alone or one foreign bank jointly with other foreign financial institutions.
• Sino-foreign joint venture bank jointly financed by a foreign financial institution and a Chinese company or enterprise.
• Branch of a foreign bank.
• Representative office of a foreign bank.

Establishment, Change, and Termination of Foreign Banks and Their Branches

• Requires CBIRC approval.

Securities Activities

China Interbank Bond Market (CIBM)

• A market for commercial banks, rural credit unions, insurance companies, securities companies, and other financial institutions to buy, sell, and repurchase bonds.
• Products include:
  • Ultra-short-term financing bills
  • Short-term financing bills
  • Medium-term notes
  • Targeted debt financing instruments
  • Asset-backed notes
  • Asset-backed commercial paper
  • Asset-backed bond financing instruments
  • Bonds of foreign governmental agencies and international development agencies.

Main Participants in the CIBM

• Nonfinancial enterprises (registered with NAFMII): registered with the National Association of Financial Market Institutional Investors.
• Financial institutions: policy banks, commercial banks, enterprise group finance companies, etc.
• Foreign-funded banks: may trade government bonds and financial bonds on the CIBM upon CBIRC approval.
• Foreign institutions: international development agencies, foreign governmental institutions, overseas nonfinancial enterprises.