REPLY OF THE GENERAL OFFICE OF THE STATE COUNCIL CONCERNING THE PERIOD OF RESIDENCE FOR RESIDENT REPRESENTATIVE OFFICES OF FOREIGN-CAPITAL FINANCIAL INSTITUTIONS

The General Office of the State Council

Reply of the General Office of the State Council Concerning the Period of Residence for Resident Representative Offices of Foreign-capital
Financial Institutions

March 12, 1992

The State Administration for Industry and Commerce:

The Report on the Valid Term of the Approval Document for the Resident Representative Offices Established in China by Foreign-capital
Financial Institutions, submitted by your Administration, has been received. With the approval of the leaders of the State Council,
a reply is hereby made by letter as follows:

1.

In accordance with the relevant provisions of the Interim Provisions of the State Council of the People’s Republic of China on the
Administration of Resident Representative Offices of Foreign Enterprises and the Measures for Administration of Registration of Resident
Representative Offices of Foreign Enterprises, the approval of “the period of residence ” shall be included when the People’s Bank
of China approves the resident representative offices of the foreign-capital financial institutions.

2.

In the light of the actual situations at present and the characteristics of finance administration, the period of residence for resident
representative offices of foreign-capital financial institutions may be extended properly, but should not be allowed to exceed six
years in one approval document.