The Chinese government yesterday began implementing new rules that require commercial banks to buy “secure and controllable” information technology equipment, putting Beijing on a potential collision course with its two largest trading partners.
Business groups and government officials in the EU and US have expressed concern about the regulations, drafted by the China Banking Regulatory Commission and the Ministry of Industry and Information Technology, which will force banks’ IT suppliers to conduct research and development in China and also to file source codes with the CBRC.
Under the rules, banks are supposed to submit their implementation plans by March 15 and begin deploying the new equipment by April 1.
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