(FreedomBeacon.com)- All fund management firms operating within Chinese borders are now required to establish an internal unit under the CCP’s supervision.
Reports show fund management organizations operating in China, including those located in the United States and other foreign countries, will soon be subject to legislation that will require them to establish an internal unit under the control of the country’s governing Chinese Communist Party (CCP).
The China Securities Regulatory Commission (CSRC) updated its regulations for publicly listed securities investment funds in May. One of the requirements under the new CSRC standards compels corporations to set up a CCP apparatus within their organizations, according to reports.
The provision states that fund management companies shall establish party organizations, carry out party activities, and provide necessary conditions for the actions of party organizations under the provisions of the Communist Party of China’s Articles of Association.
In order to implement the legal status of party organizations in the corporate governance structure, state-owned fund management companies must, in accordance with applicable regulations, incorporate party leadership into all facets of corporate governance and include party building work requirements in the company’s articles of association.
In other words, China controls your business, and you run it for them.
Reports show that additional, more comprehensive national rules in China mandate all businesses operating there, even those owned by foreign entities, to set up internal CCP groups. New regulations are being implemented as prominent American and foreign investment firms are attempting to open offices in China.
American firms that try to conduct business in China must overcome several obstacles and intrusions that are not required in other nations.
The CCP is interested in learning everything there is to know about the people and businesses that are based there. The CCP frequently requests activities that are not requested by other nations. Many demands are in blatant violation of privacy rules in the countries where these corporations are based.
These businesses must choose which laws to follow.
