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