Financial Services-Banking

By Armstrong Chen King & Wood Mallesons’ Dispute Resolution group

This year, the CPC Central Committee, the State Council and the People’s Bank of China (PBC) have continued their efforts to open up the banking sector. The Report of the Nineteenth National Congress provides an explicit requirement to “make new ground in pursuing opening up on all fronts, significantly ease market access, and further open the service sector”. It was stressed at the National Financial Work Conference that further opening up of the financial industry is a significant part of China’s overall opening-up policy. The Notice of the State Council on Several Measures for Promoting Foreign Investment Growth (Guo Fa [2017] No. 39) rolled out 22 measures to reduce access
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