On January 29, 2021, China General Chamber of Commerce – USA (“CGCC”) held an online discussion for Chinese financial institutions operating in the U.S. Hong Zhang, Chairman of CGCC’s Financial Committee, Chief Representative of China Investment Corp New York Representative Office, welcomed the attendants and hosted the meeting. Xiaomin Chen, General Counsel of CGCC, Managing Partner of DeHeng Chen, LLC; and Jiang Liu, member of the CGCC Legal Counsel Committee, Partner at Morrison & Foerster, shared their insights and answered questions from CGCC members from the financial industry.
During the forum, Xiaomin Chen and Jiang Liu interpreted and analyzed the “Entity List”, the “List of Companies Owned or Controlled by the Chinese Military”, the “Hong Kong Autonomy Act”, and the “Accountability Act for Foreign Companies”. They also answered questions from the audience on topics such as the “Measures for Blocking Improper Extraterritorial Application of Foreign Laws and Measures” issued by the Chinese Ministry of Commerce; and the New York Stock Exchange’s decision to delist China’s big telecom carriers. During the discussion, the lawyers reminded the audience that although President Trump issued a number of executive orders affecting Chinese companies in the last few months of his term, the specific effects of these orders on the operational level have yet to be addressed.
At the forum, representatives from Chinese financial institutions also shared their views on relevant topics. Representatives included Chen Xu, Chairman of CGCC, President & CEO of Bank of China USA; Yuqiang Xiao, Vice Chairman of CGCC, Chairman of US Management Committee of ICBC, General Manager of ICBC New York Branch; Lanlan Zhang, CGCC Vice Chairman and Vice Chairman of CICC US Securities, Inc.; and Lian Duan, Deputy Head of Legal and Compliance from China Merchants Bank.
At the end of the event, Mingzhi Liu, Chief Representative of the Representative Office for the Americas at the People’s Bank of China, shared his reflections on this discussion.
CGCC sincerely thanks the above speakers and CGCC members for their support in making the event a success.
The information provided in the PowerPoint does not, and is not intended to, constitute legal advice