This work conducts a critical examination of Chinese foreign
banking law in the context of the international convergence of
supervisory standards and practices. If China is to develop a
modern and viable banking sector, it needs to put in place a
suitable legal infrastructure which is consistent with emerging
international supervisory standards, WTO requirements and
aspirations for financial sector liberalization. The author argues
that the current foreign banking laws are fundamentally out of line
with international standards and practices in a number of respects
and that legislators and supervisors do not at present appreciate
or cultivate commonly accepted supervisory values. The author
therefore proposes a set of reforms that would at the same time
create a legal environment for competitive equality between foreign
banks and protect the safety and soundness of the Chinese banking
system. The issues considered include the licensing process for the
entry of foreign banks into the Chinese market, the ongoing
regulation of foreign banks and foreign bank crisis management or
bank failure resolution. The author offers a proposed framework of
Chinese foreign banking law which should be of great benefit to
existing and prospective foreign banks in China.
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