Order of the president of the peoples republic of china no 11 the law of the peoples republic of china on banking regulation and supervision adopted at the sixth session of the standing committee of the tenth national peoples congress on december 27 2003 is hereby promulgated and shall enter into effect as of february 1 2004. Conduct fit and proper tests on the senior managerial personnel of the banking institutions compile and publish statistics and reports of the overall banking industry in accordance with relevant regulations provide proposals on the resolution of problem deposit taking institutions in consultation with relevant regulatory authorities. The law of the peoples republic of china on regulation of and supervision over the banking industry 2003 amended 2006 these laws became pillars of chinas banking legislation and will be the main legal basis for the supervision and development of the chinese banking industry for quite a long time into the future. Order of china banking regulatory commission no4 2004 adopted by the 16 th chairmens meeting of the china banking regulatory commission cbrc the rules for implementing the regulation of the peoples republic of china governing foreign funded financial institutions is hereby promulgated by the cbrc to enter into effect as of september 1 st 2004. A company is considered resident in the peoples republic of china prc if it is established under prc law or is an enterprise that is established under the laws of foreign countries regions but its place of effective management is located in prc a resident enterprise is taxed on its worldwide income basis of taxation
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