Financial Licenses Have National Boundaries
Financial licenses have national boundaries. Foreign institutions shall not operate in China for financial business prohibited by domestic and foreign investors or financial business not opened to the outside world. For financial business that has been opened to the outside world, overseas institutions must hold relevant domestic licenses for legal and compliant operation. It is an illegal financial activity for an overseas institution to engage in prohibited financial business that is not open to the outside world in China, or to exhibit in China only with an overseas license. Similarly, in China, if a financial institution only holds a license to conduct business in a certain area, it cannot conduct business in the whole country, and the national financial license can only be issued by the central financial management department.
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