The Financial Times previously reported that HSBC had installed a CCP committee in its banking business in China, making it the first foreign lender to do so. When asked about the new rules, China's securities regulator said they are in line with corporate governance principles and Chinese law, and there's "no need to worry at all" about data security, according to a CNBC translation of the Chinese. New rules last year required securities investment funds in China to set up these internal party committees. The cells, in turn, have pushed to strengthen their role in corporate governance, the company said.Ĭhina has long required such internal party committees, but enforcement only began to pick up after 2012, according to a report from the Center for Strategic and International Studies. Those companies have been required since 2018 to establish CCP cells in order to be listed on domestic stock exchanges, according to Sayari. Chamber of Commerce and the CEO advocacy group Business Roundtable, whose members include the leaders of major companies such as Apple and Nike, did not immediately respond to CNBC's requests for comment on Wray's remarks.Ĭommercial risk intelligence platform Sayari warned in a 2021 report that private companies in China face growing pressure to give the so-called CCP cells more influence. He also did not directly respond to Gooden's concern that Beijing had ramped up its use of those cells. Wray did not name specific companies who have been required to house CCP cells in China. "If we try to install something like that in American companies, or if the British tried to do it in British companies or any number of other places, people would go out of their minds, and rightly so," he said. Wray said that Americans "would be shocked to hear" that virtually all companies doing business in China are required to allow those cells. "While there's no law against joint ventures, the problem that we have is that the Chinese government all too often has exploited those joint ventures to then use them as ways to get improper access to companies secrets, and information," the FBI director said. Wray called it "a very important issue" that deserves more attention. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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