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REPLY OF THE GENERAL OFFICE OF THE STATE COUNCIL CONCERNING THE PERIOD FOR RESIDENT REPRESENTATIVE OFFICES OF BANKING INSTITUTIONS WITH FOREIGN CAPITAL RESIDING IN CHINA

    The State Administration for Industry and Commerce:

    The Report on the Valid Term of the Approval Document for the Resident
Representative Offices Established by Banking Institutions with Foreign
Capital in China, submitted by your Administration, has been received. With
the approval of the leaders of the State Council, a reply is hereby made by
letter as follows:

    1. In accordance with the relevant provisions of the Interim Provisions of
the State Council of the People's Republic of China on the Administration of
Resident Representative Offices of Foreign Enterprises and the Measures for
Administration of Registration of Resident Representative Offices of Foreign
Enterprises, the approval of "the period of residence " shall be included when
the China People's Bank approves the resident representative offices of the
banking institutions with foreign capital.

    2. In the light of the actual situations at present and the
characteristics of banking administration, the period of residence for
resident representative offices of Banking institutions with foreign capital
may be extended properly, but should not be allowed to exceed six years in one
approval document.