Global Trade Groups Try to Curtail New Chinese Bank

Published By : 13 Apr 2015 | Published By : QYRESEARCH

China emerges to be going on with new bank-technology regulations that may exclude foreign tech suppliers, according to the trade groups, indicating minimal progress in efforts by these groups and Washington to convince Beijing to close down or think again on the measures. The U.S., the European and the Japanese trade groups sent a letter on Monday to the top cyberspace authority in China in their recent most effort to pressure Beijing to recoil from bank-tech rules that they say, are designed to put off foreign corporations from supplying technology to banks in China.

The move comes just 2 weeks after a senior U.S. Treasury official stated that China would delay the implementation of these rules. The letter underlines concerns by foreign corporations that China will not follow through on the stoppage.

The rules call for corporations, which supply technology to banks for turning over proprietary encryption keys and software source codes, and submitting to extreme testing. The foreign trade groups say that the requirements curb the ability of foreign corporations to trade to a critical market. The western businesses are worried as the bank-tech requirements are part of the efforts of Beijing to ensure the safety of the information networks in methods that would force the western corporations to transfer crucial technologies to maintain access to the vast industry.

The trade groups, in an undated letter, insisted on China to pronounce a public notice about the suspension of the implementation of the guidelines. The government in China should provide the guidelines as a proposal on which they could hold a formal public discussion, the groups wrote.
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