{"id":1746426,"date":"2022-11-21T06:06:09","date_gmt":"2022-11-21T11:06:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1746426"},"modified":"2022-11-21T08:18:00","modified_gmt":"2022-11-21T13:18:00","slug":"china-tightens-foreign-access-to-financial-data","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-tightens-foreign-access-to-financial-data\/","title":{"rendered":"China Tightens Foreign Access to Financial Data"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fchina-tightens-foreign-access-to-financial-data%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1746426&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A Chinese banking watchdog is seeking to tighten its grip over financial data to avoid leaks to overseas banking supervisors. Financial experts believe this is part of the Chinese Communist Party\u2019s (CCP\u2019s) effort to cover up its economic secrets and the corruption of senior officials.<\/p>\n<p>On Nov. 11, the China Banking and Insurance Regulatory Commission (CBIRC) issued a \u201cdraft request for comments\u201d on amendments to the Banking Supervision and Regulation Act. The amendments increase restrictions on access to financial data, reported state-run media <a href=\"https:\/\/www.thepaper.cn\/newsDetail_forward_20690958\">The Paper<\/a>.<\/p>\n<p>The restrictions apply to financial institutions, which are forbidden to provide business-related documents, information, or data outside of China without authorization. They also apply to foreign banking supervisors, who are not allowed to conduct investigations and collect evidence in China without the consent of authorities.<\/p>\n<p>The top banking regulator said the amended act is expected to expand to 92 articles from the previous 52 articles. The act first came into effect in February 2004.<\/p>\n<p>\u201cCBIRC\u2019s so-called proposing to revise banking regulation is just a formality, while its key steps might have already been accomplished,\u201d said Zheng Zhicheng (pseudonym), an economics professor living in China. Zheng spoke to The Epoch Times on Nov. 15.<\/p>\n<p>Although regulators claimed the stricter regulations are motivated by national security considerations, Zheng sees the move as an attempt by the CCP to \u201ctighten control over big data, including dominating the right to own and publish all data and information.\u201d<\/p>\n<h2>Tightened Regulations May Obscure Internal Dealings<\/h2>\n<p>The new regulations may provide cover for some senior officials who have deep ties to offshore companies, Zheng said.<\/p>\n<p>As an example, Zheng cited a Chinese company\u2019s suspected acquisition of a Ukrainian aircraft engine manufacturer.\u00a0The case was\u00a0<a href=\"https:\/\/www.occrp.org\/en\/the-pandora-papers\/predatory-chinese-takeover-of-ukraine-defense-firm-was-facilitated-by-a-us-law-firm\">exposed<\/a>\u00a0in 2021 as part of the \u201cPandora Papers,\u201d a trove of \u00a011 million leaked documents released by the International Consortium of Investigative Journalists.<\/p>\n<p>The Chinese company, <a href=\"https:\/\/ua.usembassy.gov\/chinas-skyrizon-added-to-u-s-commerce-department-military-end-user-list\/\">Beijing Skyrizon Aviation Industry Investment Co.<\/a>, was subsequently added to the U.S. Commerce Department\u2019s military end user list, for its alleged ties to the Chinese military. The <a href=\"https:\/\/www.bis.doc.gov\/index.php\/policy-guidance\/lists-of-parties-of-concern\/1770\">list<\/a> identifies foreign entities that \u201crepresent an unacceptable risk of use in or diversion to a \u2018military end use\u2019 or \u2018military end user\u2019 in China, Russia, or Venezuela.\u201d<\/p>\n<p>In its announcement, the U.S. government said Skyrizon was \u201cactively seeking to acquire intellectual property and technology to advance key military capabilities that threaten U.S. national security.\u201d<\/p>\n<p>\u201cThis is definitely a sort of CCP-style operation, using offshore companies to secretly acquire overseas military enterprises,\u201d Zheng said.<\/p>\n<p>\u201cBut the company is just a white glove of the CCP: the involved bank\u2019s actual operation should remain a secret from the public, and the data is even more sensitive\u2014that is why the CCP will strengthen its supervision,\u201d Zheng added.<\/p>\n<h2>Layers of Secrets<\/h2>\n<p>There may be more to hide. Financial commentator <a href=\"https:\/\/www.theepochtimes.com\/author-zhang-jinglun\">Zhang Jinglun<\/a>, speaking with The Epoch Times on Nov. 15, said that the Chinese regime does not want to confirm what the world suspects: that China\u2019s economy suffered a devastating blow due to its zero-COVID policy. It is now restricting banks from providing data and documents for fear that its struggling economy, economic corruption, and illegal practices will be exposed.<\/p>\n<p>According to Zhang, \u201cMany banks have certain bad debts and some \u2018gray\u2019 things, which may be fine for the banks to keep or archive. But for communist governments, it is a must to prevent leaks or exposure.\u201d<\/p>\n<p>Revealed banking data and documents would contain the names and accounts of <a href=\"https:\/\/www.theepochtimes.com\/t-corrupt\">corrupt<\/a> officials and their families, every attempt to transfer or conceal family assets overseas, any traces of misappropriating public funds or state capital, and more.<\/p>\n<p>\u201cOut of the ruling party\u2019s interest, high echelons would not feel secure if overseas agencies had evidence of bribery, fraud, or other crimes [committed by] its cadres,\u201d Zhang said.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-kane-zhang\"><img decoding=\"async\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/default-user.png\" alt=\"Kane Zhang\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div><\/div>\n<\/div>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-ling-xiong\"><img decoding=\"async\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/default-user.png\" alt=\"Lynn Xu\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A Chinese banking watchdog is seeking to tighten its grip over financial data to avoid leaks to overseas banking supervisors. Financial experts believe this is part of the Chinese Communist<\/p>\n","protected":false},"author":1,"featured_media":1898953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1746426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1746426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1746426"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1746426\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1898953"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1746426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1746426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1746426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}