WORLD TRADE  
ORGANIZATION  S/C/N/215 
24 December 2002 
 (02-7094) 
Council for Trade in Services Original:   English 
 
 
 
NOTIFICATION PURSUANT TO ARTICLE III:3 OF THE  
GENERAL AGREEMENT ON TRADE IN SERVICES  
 
 
 The following notification has been received fr om the delegation of the People's Republic of 
China. 
 
____________ 
 
 
1. Member notifying: 
 The People's Republic of China 
 2. Notification under: 
 Article III, paragraph 3 of the Gene ral Agreement on Trade in Services 
 3. Date of entry into force/duration: 
 2001/12/20 
  
4. Agency responsible for implementation and enforcement of the measure: 
The People’s Bank of China 
 
5. Complete description of the measure
* indicating the modes of supply covered, the effect 
on trade in services (e.g., restrictions/lib eralization measures) and the impact of the 
measure on commitments in the Member's sc hedule and Article II(MFN) exemption list, 
if relevant: 
  Regulations on Administration of Foreign-Funded Financial Institutions 
 
 Full text English translation of the regulation is attached
1.  The English translation is for 
reference only and the Chinese version shall be authentic. 
 
6. Members specifically affected, if any: 
 All Members 
 
7. The texts are available from: 
 - Enquiry point   ; 
 - WTO Secretariat  ; 
 - Other sources (address, fax    and telephone of other body)   
 
                                                     
 
* Including international agreements, recognition measures or other types. 
1 In English only. S/C/N/215 
Page 2  
 
Regulations of the People’s Republic of China on Administration of  
Foreign-Funded Financial Institutions 
 (Adopted at the 50th Executive Meeting of the State Council on December 12, 2001, promulgated by 
Decree No.340 of the State Council of the People’s  Republic of China on December 20, 2001, and 
effective as of February 1, 2002)  
 Chapter I General Provisions 
 Article 1  These Regulations are formulated for the purposes of meeting the needs of opening 
up to the outside world and economic developmen t, strengthening and improving the administration 
of foreign-funded financial institutions, and pr omoting stable and sound operation of the banking 
industry.  
 
Article 2  As used in these Regulations, "a foreign-fu nded financial instituti on" refers to any of 
the following financial institutions that are incorpor ated and engaged in business operations within 
Chinese territory upon approval in accordance with th e provisions of the relevant laws and regulations 
of the People’s Republic of China: 
(1) a foreign-capital bank with its headquarters  incorporated within Chinese territory 
(hereinafter referred to as a solely foreign-funded bank); 
(2) a branch incorporated within Chinese territo ry by a foreign bank (hereinafter referred 
to as a foreign bank branch); 
 (3) a bank with joint capital operated within  Chinese territory by a foreign financial 
institution jointly with any Chinese company or enterprise (hereinafter referred to as a 
joint equity bank); 
 (4) a finance company with foreign capita l whose head office is domiciled within 
Chinese territory (hereinafter referred to as a solely foreign-funded finance company); 
or 
 (5) a finance company with joint capital oper ated within Chinese territory by a foreign 
financial institution jointly with any Chin ese company or enterprise (hereinafter 
referred to as a joint equity finance company). 
 
Article 3  Foreign-funded financial institutions shall abide by the laws and regulations of the 
People’s Republic of China, and may not harm the so cial and public interests of the People’s Republic 
of China. 
 The legitimate business activities and lawful righ ts and interests of foreign-funded financial 
institutions are protected by the laws of the People’s Republic of China.  
 
Article 4  The People’s Bank of China is the competent organ for administration and 
supervision of foreign-funded fina ncial institutions; and the branch offices of the People’s Bank of 
China shall exercise routine supervision and control of foreign-funded financial institutions under 
their jurisdiction.  
 
Chapter II Incorporation and Registration 
 
Article 5  The minimum registered capital for a solely foreign-funded bank or a joint equity 
bank shall be the amount of freely convertible cu rrencies equivalent to Renminbi 300 million yuan. 
The minimum registered capital for a solely foreign-funded finance company or a joint  equity finance company shall be the amount of freely convertible  currencies equivalent to Renminbi 200 million 
yuan. The registered capital shall be paid-up capital. 
 
A foreign bank branch shall receive from its head  office non-callable allocation of freely convertible 
currencies equivalent to an amount of not less  than Renminbi 100 million yuan as its operating 
capital.  S/C/N/215 
 Page 3 
 
 
The People’s Bank of China may, on the basis of the business scope of a foreign funded financial 
institution and the need of prudential supervision, in crease the minimum requirement for its registered 
capital or operating capital, and determine the portion of capital or funds in Renminbi.  
 
Article 6  To incorporate a solely foreign-funded bank or a solely foreign-funded finance 
company, the applicant shall satisfy the following requirements: 
 (1) the applicant is a financial institution; 
 (2) the applicant has maintained a representa tive office within Chinese territory for over 
two years; 
 (3) the total assets of the applicant at the end of the year prior to the submission of such 
 an application shall not be less than US$ 10 billion;  
 (4) the home country or region of the appli cant maintains a sound system in respect of 
financial supervision and control, and the a pplicant is subject to effective supervision 
of the relevant regulatory authoritie s in its home country or region; 
 (5) the relevant regulatory authorities in the home country or region of the applicant has 
approved its application; 
 (6) other prudential requirements prescribed by the People’s Bank of China. 
 
Article 7  To incorporate a foreign bank branch, the applicant shall satisfy the following 
requirements: 
 (1) the applicant has maintained a representa tive office within Chinese territory for over 
two years; 
 (2) the total assets of the applicant at the end of the year prior to the submission of such 
an application shall not be less than US$ 20 billion, and the cap ital adequacy ratio 
shall not be lower than 8 per cent; 
 (3) the home country or region of the appli cant maintains a sound system in respect of 
financial supervision and control, and the a pplicant is subject to effective supervision 
of the relevant regulatory authoritie s in its home country or region; 
 (4) the relevant regulatory authorities in the home country or region of the applicant has 
approved its application; 
 (5) other prudential requirements prescribed by the People’s Bank of China. 
 
Article 8  To incorporate a joint equity bank or a joint equity finance company, the applicant 
shall satisfy the following requirements:  
 (1) the foreign party to the bank or company is a financial institution; 
 (2) the foreign party to the bank or comp any has set up a representative office within 
Chinese territory; 
 (3) the total assets of the foreign party to the bank or company at the end of the year prior 
to the submission of such an applicati on shall not be less than US$ 10 billion; 
 (4) the home country or region of the fore ign party to the bank or company maintains a 
sound system in respect of financial supervision and control, and the foreign party to 
the bank or company is subject to effec tive supervision of the relevant regulatory 
authorities in its home country or region; 
 (5) the relevant regulatory authorities in the home country or region of the foreign party 
to the bank or company has approved its application; 
 (6) other prudential requirements prescribed by the People’s Bank of China.  
  
Article 9  To incorporate a solely foreign-funded bank or a solely foreign-funded finance 
company, the applicant shall make a written applicat ion to the People’s Bank of China and submit the 
following documents:  
 (1) written application for the incorporation of the solely foreign-funded bank or the 
solely foreign-funded finance company, which shall include the name of the proposed 
solely foreign-funded bank or the sole ly foreign-funded finance company, the 
registered capital, and the types of busin ess operations the bank or the company 
applies to engage in, etc.; S/C/N/215 
Page 4  
 
 (2) a feasibility study report; 
 (3) the articles of association of the propos ed solely foreign funded bank or the solely 
 foreign-funded finance company; 
 (4) the business licence (photocopy) issued  by the relevant competent regulatory 
authorities of the home country or region of  the applicant and a written opinion of the 
authorities on its application; 
 (5) the annual reports of the applicant for the last three successive years; and  
 (6) other data to be submitted as re quired by the People’s Bank of China. 
 
Article 10  To incorporate a foreign bank branch, the head  office of the foreign bank shall make a 
written application to the Pe ople’s Bank of China and submit the following documents: 
 (1) a written application duly signed by the le gal representative, wh ich shall include the 
name of the proposed foreign bank branch, the amount of the non-callable operating 
capital allocated by the head office, and the types of business operations the foreign 
bank branch applies to engage in, etc.; 
 (2) a feasibility study report;  (3) the business licence (photocopy) issued by the competent regulatory authorities 
concerned in the home country or region of  the applicant and a written opinion of the 
authorities on its application; 
 (5) the annual reports of the applicant for the last three successive years; and  
 (6) other data to be submitted as re quired by the People’s Bank of China. 
 Article 11  To incorporate a joint-equity bank or a jo int-equity finance company, all the parties 
thereto shall jointly make a written application to the People’s Bank of China and submit the 
following documents: 
 (1) a written application for the incorporation of the proposed joint-equity bank or the 
proposed joint-equity finance company, which shall include the name of the proposed joint-
equity bank or the proposed joint-equity finance company, the name of each investing party 
thereto, the amount of the registered capital, the respective percentage of contributions by the 
parties, and the types of business operations the proposed joint-equity bank or the proposed 
joint-equity finance company applies to engage in, etc.; 
 (2) a feasibility study report; 
 (3) the contract for joint-equity operation, and the articles of association of the proposed 
joint-equity bank or the proposed joint-equity finance company;  
 (4) the business licence (photocopy) issued by the competent regulatory authorities 
concerned in the home country or region of the foreign party and a written opinion of the authorities on its application;  
 (5) the annual reports of the foreign party for the last three successive years;  
 (6) relevant data about the Chinese party;  
 (7) other data to be submitted as re quired by the People’s Bank of China. 
 
Article 12  The documents listed in Articles 9, 10 and 11 of these Regulations, with the 
exception of the annual reports, if written in a fo reign language, shall be submitted together with a 
Chinese translation thereof. 
 
Article 13  The People’s Bank of China shall conduct a preliminary examination of the 
application for incorporation of a foreign-funded fi nancial institution, and shall, within six months 
from the date of receipt of complete application documents, decide whether or not to accept the application. If it decides to accept the applicatio n, it shall issue a formal application form to the 
applicant; if it decides to reject the application,  it shall notify the applicant in writing and give the 
reasons therefor. 
 
Where, in special circumstances, the People’s Bank of China cannot complete the preliminary 
examination and decide whether or not to accept the application within the time limit provided for in  S/C/N/215 
 Page 5 
 
 
the preceding paragraph, the time limit may be appropriately extended and the applicant shall be 
notified of the extension; the extended period, however, shall not be over three months. 
 
Article 14  The applicant shall, within six months from the date of rece ipt of the formal 
application form, complete the preparation for the establishment of the new institution. If failing to 
accomplish the preparation work within the given time  limit with a proper reason, the applicant may, 
subject to the approval of the People’s Bank of Ch ina, be given an extension for three months. Where 
the preparatory work has not been accomplished even after the extended period expires, the decision 
of acceptance made by the People’s Bank of China shall automatically become invalid. After 
accomplishing the preparation work, the applican t shall submit the completed application form, 
together with the following documents, to the People’s Bank of China for approval: 
 (1) a list of the principal persons in charge of the proposed foreign-funded financial 
institution and their respective curriculum vitae; 
 (2) powers of attorney granted to the proposed  principal persons in charge of the foreign-
funded financial institution; 
 (3) a capital verification certificate issued by a statutory capital verification organization; 
 (4) data of security and precautious measures and othe r business-related facilities; 
 (5) in the case of incorporation of a foreign bank branch, a bond issued by the head office 
guaranteeing the tax and debt obligations of the branch; and 
 (6) other documents to be submitted as required by the People’s Bank of China.  
 Article 15  The People’s Bank of China shall, within two months from the date of receipt of the 
complete and formal application documents for the incorporation of a foreign-funded financial 
institution, make a decision of approval or disapproval  of the application. If a decision of approval is 
made, it shall issue a license for conducting financ ial business to the applicant; if a decision of 
disapproval is made, it shall notify the applican t in writing and give the reasons therefore. 
 
Article 16  Where the establishment of a foreign-fund ed financial institution is approved, the 
applicant shall, on the strength of the license for conducting fina ncial business, register with the 
administration department of industry and commerce for a business license. 
 
Chapter III Scope of Business 
 
Article 17 A solely foreign-funded bank, a foreign bank branch or a joint-equity bank may, in 
accordance with the scope of business approved by the People’s Bank of China, engage in part or all 
of the following business operations:  (1) taking in deposits from the general public; 
 (2) granting short-term, medium-term and long-term loans; 
 (3) handling acceptance and discount of negotiable instruments; 
 (4) buying and selling government bonds and financial bonds, and buying and selling 
foreign currency securities other than stocks; 
 (5) providing letter of credit services and guaranty; 
 (6) handling domestic and foreign settlement; 
 (7) buying and selling foreign exchange and ac ting as an agent for the purchase and sale 
of foreign exchange; 
 (8) exchange of foreign currencies; 
 (9) inter-bank lending; 
 (10) bank card business;  (11) providing safe deposit box services;  (12) providing credit and financial standing investigation and consultancy services; and 
 (13) other business operations approved by the People’s Bank of China. 
 
Article 18  A solely foreign-funded finance company or  a joint-equity finance company may, in 
accordance with the scope of business approved by the People’s Bank of China, engage in part or all 
of the following business operations: S/C/N/215 
Page 6  
 
 (1) taking in deposits, each of which shall be no less than Renminbi one million yuan or 
the equivalence in a freely convertible foreign currency, with maturity of at least three 
months; 
 (2) granting short-term, medium-term and long-term loans; 
 (3) handling acceptance and discount of negotiable instruments; 
 (4) buying and selling government bonds and financial bonds, and buying and selling 
foreign currency securities other than stocks; 
 (5) providing guaranty; 
 (6) buying and selling foreign exchange and ac ting as an agent for the purchase and sale 
of foreign exchange; 
 (7) inter-bank lending;  (8) providing credit and financial standing investigation and consultancy services;  
 (9) providing foreign exchange trust services; 
 (10) other business operations approved by the People’s Bank of China.    
 
Article 19  The geographical coverage for the Renminbi business undertaken by foreign funded 
financial institutions, and the scope of customers to whom such services are to be provided, shall be 
verified and determined by the People’s Bank of China in accordance with the relevant provisions. 
 
Article 20  To conduct Renminbi business, a foreign-fu nded financial institution shall satisfy the 
following requirements:   (1) it has operated in Chinese territory for at  least three years prior to the application; 
 (2) it has been making profits for the two cons ecutive years prior to the application; and 
 (3) other prudential requirements prescribed by the People’s Bank of China.  
 
Article 21  Where a foreign-funded financial institution  intends to operate a new type of business 
within the scope of business approved by the Pe ople’s Bank of China, it shall submit a written 
application to the People’s Bank of China prior to  the operation. The People’s Bank of China shall, 
within sixty days from the date of receipt of the written application, make a decision of approval or 
disapproval. Where the People’s Bank of China ma kes a decision of disapproval, it shall notify the 
applicant in writing and give the reasons therefor. 
 
Chapter IV Supervision and Control   Article 22  The interest rates of deposits and loans a nd the rates of various service fees of a 
foreign-funded financial institution shall be determined by itself in  accordance with the relevant 
provisions of the People’s Bank of China. 
 
Article 23  Foreign-funded financial institutions that in tend to engage in de posit-taking business 
shall deposit required reserves with local branch of fices of the People’s Bank of China, and the ratio 
thereof shall be determined, an d adjusted when necessary, by the People’s Bank of China. 
 
Article 24  Thirty per cent of the operating capital of  a foreign bank branch shall be maintained 
in the form of interest-bearing assets as prescr ibed by the People’s Bank of China, including the 
deposits with banks designated by the People’s Bank of China. 
 
Article 25  The capital adequacy ratio for solely forei gn-funded banks, joint-equity banks, solely 
foreign-funded finance companies and joint-equity fi nance companies shall not be less than eight per 
cent.  
Article 26  The total outstanding lending to any one enterprise and its associated enterprises by a 
solely foreign-funded bank, a joint-equity bank, a solely foreign-funded finance company or a joint-
equity finance company shall not exceed twenty-five per cent of its capital, unless otherwise approved 
by the People’s Bank of China.    S/C/N/215 
 Page 7 
 
 
Article 27  The fixed assets owned by a solely foreign- funded bank, a joint-equity bank, a solely 
foreign-funded finance company or a joint-equity fi nance company shall not exceed forty per cent of 
its equity. 
 
Article 28  The ratio of the share of Renminbi assets in  its capital to the share of Renminbi assets 
in its risk assets shall not be less than eight per ce nt for any solely foreign-funded bank, joint-equity 
bank, solely foreign-funded finance company or joint-equity finance company. 
 
For a foreign bank branch, the ratio of the share of Renminbi assets in the total amount of its 
operating capital plus reserves to th e share of Renminbi assets in its risk assets shall not be less than 
eight per cent.  
The People’s Bank of China shall, in accordance with the relevant provisions, adjust the ratios set 
forth in the preceding two paragraphs step by step. 
 
Article 29  Foreign-funded financial institutions shall ensure the liquidity of their assets. The 
ratio of current assets to current liabilities sh all not be less than twenty-five per cent.  
 
Article 30  The total amount of foreign exchange deposits taken within Chinese territory by a 
foreign-funded financial institution shall not exceed  seventy per cent of its total foreign exchange 
assets within Chinese territory.  The People’s Bank of China shall, in accordance with the relevant provisions, have the ratios laid 
down in the preceding paragraph adjusted step by step. 
 
Article 31  Foreign-funded financial institutions shall make provisions for loan loss (bad debt) 
reserves in accordance with the relevant provisions. 
 
Article 32  Foreign-funded financial institutions  shall appoint Chinese certified public 
accountants and such appointments shall be subject to confirmation by the local branch offices of the 
People’s Bank of China. 
 
Article 33  A foreign-funded financial institution  shall, under any of the following 
circumstances, be subject to the approval by the People’s Bank of China, and shall go through 
relevant formalities for registrati on with the administrative departme nt for industry and commerce in 
accordance with the law:  (1) establishing a branch office; 
 (2) adjusting or transferring registered capital, or, increasing or decreasing operating 
 capital; 
 (3) changing the institution’s name or business premises;  
 (4) adjusting the scope of business; 
 (5) changing shareholders holding ten per cent or more of the total capital or total amount 
of shares; 
 (6) making revisions to the articles of association; 
 (7) replacing a senior executive; 
 (8) any other circumstances prescribed by the People’s Bank of China. 
 
Article 34  Foreign-funded financial institutions shall, in accordance with th e relevant provisions, 
submit their financial statements and relevant docu ments to the People’s Bank of China and its branch 
offices concerned.  
 
Article 35  The People’s Bank of China and its branch  offices shall have the power to, on a 
regular or ad hoc basis, inspect and audit deposits , loans, settlements and bad loans, etc. of foreign-
funded financial institutions, demand foreign fu nded financial institutions to submit relevant 
documents, materials and written reports within a specifi ed period of time, and to punish or deal with, S/C/N/215 
Page 8  
 
according to law, the acts committed by foreign-fund ed financial institutions in violation of laws or 
rules. 
 
Article 36  The People’s Bank of China and its branch offices shall have the right to require 
foreign financial institutions to formulate their oper ating rules in pursuance of pertinent provisions, 
and establish and improve the systems for business management, for cash control, and for security and 
precautions.  
 
Article 37  Foreign-funded financial institutions sh all accept the supervision and examination 
legally carried out by the People’s Bank of China a nd its local branch offices, shall truthfully submit 
documents, materials and written reports and sha ll not refuse or hamper the supervision or 
examination or conceal such information.  
 Chapter V Dissolution and Liquidation 
 Article 38  In the case of voluntary termination of  its business activities, a foreign-funded 
financial institution shall, 30 days prior to the da te of the termination, su bmit a written application to 
the People’s Bank of China and shall, up on the ex amination and approval by the People’s Bank of 
China, effect its dissolution and proceed to the liquidation. 
 
Article 39  In the event that a foreign funded financial institution is unable to repay the debts at 
maturity, the People’s Bank of China may order it to suspend its business and to clear its liabilities 
within a specified period of time. Where, within the specified period of time, such an institution 
recovers its solvency and intends to resume its bus iness, it shall make an a pplication to the People’s 
Bank of China for the resumption of its business; where it fails to recover its solvency when the 
specified period of time is due, it shall effect its liquidation. 
 
Article 40  Where a foreign-funded financial instituti on is terminated because of dissolution, 
closure by law or declaration of bankruptcy, the sp ecific matters relating to liquidation shall be dealt 
with by reference to the relevant provisi ons of laws and regulations of China. 
 
Article 41  Upon completion of the liquidation of a foreign-funded financial institution, the 
cancellation of registration shall be  completed with the original registration authority within the 
statutory period of time. 
 
Chapter VI Legal Liability  
 
Article 42  Any foreign-funded financial institutions  established without the approval of the 
People’s Bank of China, or illega lly undertaking financial business,  shall be closed down by the 
People’s Bank of China, and criminal  liability shall be investigated fo r in accordance with the relevant 
provisions of the criminal law on the crime of esta blishment of financial ins titutions without approval, 
the crime of illegally taking in deposits from the ge neral public, or on any other crime; where the case 
is not serious enough for criminal punishment, the People’s Bank of China shall have the illegal 
income confiscated and impose concurrently a fine of not less than one time but not more than five 
times the illegal income, or, if there is no illegal in come or the illegal income  is less than 100,000 
yuan, a fine of not less than 100,000 yuan but not more than 500,000 yuan shall be imposed. 
 
Article 43  Where a foreign-funded financial institution conducts financial business beyond the 
scope of business, the geographical coverage or the scope of customers to whom its services are to be 
provided, which have been approved by the Peopl e’s Bank of China, criminal liability shall be 
investigated for in accordance with the relevant pr ovisions of the criminal la w on the crime of illegal 
business operation, or on any other crime; wher e the case is not seriou s enough for criminal 
punishment, the People’s Bank of China shall give it a disciplinary warning, have the illegal income 
confiscated and impose concurrently a fine of not le ss than one time but not more than five times the  S/C/N/215 
 Page 9 
 
 
illegal income, or, if there is no illegal income or th e illegal income is less than 100,000 yuan, a fine 
of not less than 100,000 yuan but not mo re than 500,000 yuan shall be imposed. 
 
Article 44  Where a foreign-funded financ ial institution, without approva l, operates a new type of 
business within the scope of business approved by the People’s Bank of Chin a, the People’s Bank of 
China shall order it to stop the operation of the new type of business not being approved, have the 
illegal income confiscated and impose  concurrently a fine of not less than one time but not more than 
three times the illegal income, or, if there is no ille gal income or the illegal income is less than 50, 000 
yuan, a fine of not less than 50,000 yuan but not more than 300,000 yuan shall be imposed. 
 Article 45  Where a foreign-funded financial institutio n undertakes any business in violation of 
the provisions of Chapter IV of these Regulations, the People’s Bank of China shall give it a 
disciplinary warning, have the illega l income confiscated and impose co ncurrently a fine of not less 
than one time but not more than three times the illegal income, or, if there is no illegal income or the 
illegal income is less than 50,000 yuan, a fine of  not less than 50,000 yuan but not more than 300,000 
yuan shall be imposed.  
Article 46  Where a foreign-funded financial institution, in violation of the relevant provisions of 
these Regulations, refuses or hampers the supervis ion and examination legally carried out or submit 
false documents, materials or written reports, the People’s Bank of China shall give it a disciplinary 
warning and impose concurrently a fine of not less than 100,000 but not more than 500,000.  Article 47  Where a foreign-funded financial institution, in violation of the relevant provisions of 
these Regulations, fails to submit its financial statem ents and relevant documents, materials or written 
reports within the specified period of time, or fa ils to formulate relevant operating rules and to 
establish and improve relevant ma nagement system, the People’s Bank of China shall give it a 
warning, order it to make corrections within a specifi ed period of time, and impose concurrently a fine 
of not less than 10,000 yuan bu t not more than 100,000 yuan.  
 
Article 48  Where a foreign-funded financial institution violates these Regulations, in addition to 
the penalties as provided for in Articles 43 to 47 of  this Chapter, if the circumstances are serious, the 
People’s Bank of China may order it to suspend its business for rectification or revoke its license for 
engaging in financial business, or, have its seni or executives disqualified from holding any positions 
in China for a specified period of time or for life.  
 
Article 49  Where a foreign-funded financial institution violates other laws or regulations of the 
People’s Republic of China, the case shall be dealt with by the relevant competent authorities 
according to law. 
 Chapter VII Supplementary Provisions  
 Article 50  These Regulations apply mutatis mutandis to institutions engaged in financial 
business that are established and operated in Chines e mainland by financial institutions from the Hong 
Kong Special Administrative Region, the Macao Special Administrative Region or Taiwan region.  
 
Article 51  Measures for administration of representativ e offices established in China by foreign 
financial institutions are to be formulated separately by the People’s Bank of China. 
 Article 52  These Regulations shall be effective as of  February 1, 2002. The Regulations of the 
People’s Republic of China on Administration of  Financial Institutions with Foreign Capital 
promulgated by the State Council on February 25, 1994 shall be repealed simultaneously 
____________