Laws of the People's Republic of China

The People's Bank of China

Circular of the People's Bank of China Concerning Promulgating the Supplementary Provisions of the Interim Provisions on the Qualification of High-ranking Officers in the Financial Institutions with Foreign Investment

YinWaiZi [1997] No.7

July 30, 1997

Financial institution administrations of Beijing Branch, Shanghai Branch, Tianjin Branch, Chongqing Branch, Zhejiang Branch, Heilongjiang Branch, Sichuan Branch, Shanxi Branch, Guangdong Branch, Liaoning Branch, Anhui Branch, Fujiang Branch, Guanxi Branch, Hainan Branch, Hubei Branch, Jiangsu Branch, Yunnan Branch, Shenzhen Branch, Ningbo Branch, Xiamen Branch, Qingdao Branch, Dalian Branch, Zhuhai Branch, Suzhou Branch, Nantong Branch, Quanzhou Branch and branches in other provinces and cities of the People's Bank of China:

Supplementary Provisions of the Interim Provisions on the Qualification of high-ranking officers in the Financial Institutions with Foreign Investment are hereby dispatched to you for the earnest implementation thereof. If you meet any problems in your execution, please report to the head office in time.

Attachment:Supplementary Provisions of the Interim Provisions on the Qualification of High-ranking Officers in the Financial Institutions with Foreign Investment

With a view to implementing the Interim Provisions on the Qualification of High-ranking Officers in the Financial Institutions with Foreign Investment (hereinafter referred to as the Interim Provisions), these Supplementary Provisions are formulated based on the present situation of the high-ranking officers in the financial institutions with foreign investment in China:

1.

The representative in the representation office of financial institutions with foreign investment does not include in the high-ranking officers whose qualifications shall be examined and approved in financial institutions with foreign investment.

2.

"Should have associate degree or above in economics, finance and other relevant major" in Article 5 , shall be amended as "shall have associate degree or above in principle."

3.

Besides the requirements in Article 5 and 6 of the Interim Provisions, high-ranking officers in financial institutions with foreign investment shall meet the following requirements:

(1)

As for the chairman of the board of directors, vice chairman, general manager and president of bank of the financial institutions with foreign investment with legal-person status, the general manager and president of bank of the branch offices affiliated to foreign financial institution, the general representative of the representative agency of the foreign financial institution, who does not major in economics and finance, shall have more than 5 years working experience in either finance or other relevant economic fields; As for the accounting officer, chief actuary, chief representative in financial institutions with foreign investment, who dose not major in economics and finance, shall have more than 5 years working experience in either finance or other relevant economic fields.

(2)

As for the chairman of the board of directors, vice chairman, general manager and president of bank of the financial institutions with foreign investment with legal-person status, the general manager and president of bank of the branch offices affiliated to foreign financial institution, the general representative of the representative agency of the foreign financial institution, who does not have associate degree or above, shall have more than 5 years working experience in either finance or other relevant economic fields; As for the accounting officer, chief actuary, chief representative in financial institutions with foreign investment, who dose not have associate degree or above, shall have more than 5 years working experience in either finance or other relevant economic fields.

4.

Paragraph 6 of Article 6 , "The age of high-ranking officers working in financial institutions with foreign investment shall be between 33-65." is no longer executed.