China Law Online Database : novexcn.com

You are using Guest Account

Subscribe To This Law Only

Subscribe To All Law Contents

Print This Page

Back




	REPLY OF THE STATE ADMINISTRATION FOR INDUSTRY AND COMMERCE CONCERNING WHETHER THE BRACHES OF COMMERCIAL BANKS CAN BE THE SHAREHOLDERS AS CHINESE PARTY TO CHINESE-FOREIGN EQUITY JOINT ENTERPRISES

	(No.84 [2002] of the State Administration for Industry and Commerce promulgated April 15, 2002)


SUBJECT : COMMERCIAL BANKS; SHAREHOLDERS AS CHINESE PARTY TO CHINESE-FOREIGN EQUITY JOINT ENTERPRISES
ISSUING DEPARTMENT : STATE ADMINISTRATION FOR INDUSTRY AND COMMERCE OF THE PEOPLE'S REPUBLIC OF CHINA
ISSUE DATE : 04/15/2002
IMPLEMENT DATE : 04/15/2002
LENGTH : 212 words
TEXT :

Regarding Request for Instructions on Whether the Gansu Branch of the Bank of China Can Be the Shareholder as Chinese Party to a Chinese-Foreign Equity Joint Enterprise (No.59 [2002] of the Administration for Industry and Commerce of Gansu Province), we make the following reply upon deliberation:

I. According to Item 5) of Article 2 of the Several Opinions on Implementing the No.6 Document [1993] Issued by the Central Party of the State Administration for Industry and Commerce (SAIC), "the administrative department of industry and commerce at various levels shall temporarily stop the registration of non-financial enterprises or enterprises of other trades initiated by the people's banks, special banks, and commercial banks, except those approved by the State Council or the organs authorized thereby."

II. According to Paragraph 2 of Article 43 of the Law of the People's Republic of China on Commercial Banks, "commercial banks may not make investment to non-bank financial institutions and enterprises within the People's Republic of China", commercial banks may not be the shareholders of enterprises.

III. With respect to the inconsistency between judicial judgments or arbitration awards and the aforesaid existing laws and regulations, your administration shall make explanations according to law, and suggest the relevant departments to request for instructions from the authorities at higher levels.