Topics

  • Economy & trade
  • Tax & Accounting
  • Legal & regulatory
  • Industries
  • HR & Payroll
  • Technology

Features

  • Cities Spotlight
  • COVID-19 Insights
  • Opinion

Featured Events

  • May 19
    Counterstrategies for Rising Business Costs in China: Best Practices Sharing
  • May 24
    US Time Zone - How to Combat Rising Business Costs in China: Best Practices Sharing
  • Managing IP Protection When Selling to China via Cross-Border E-Commerce
    Managing IP Protection When Selling to China via Cross-Border E-Commerce
  • China's Tax Incentives for Enterprises in 2022: Updates Following the Two Sessions
    China's Tax Incentives for Enterprises in 2022: Updates Following the Two Sessions
  • Upcoming Events
  • On Demand library

Reports and Publications

Human Resources and Payroll in China 2022
How China is Reforming its Soe's to Become Mixed Hybrid Global Businesses Worth Tens of Billions of Dollars

Latest Video & Podcasts

How Your Domicile Defines Individual Income Tax Treatment in China and the UK
How Your Domicile Defines Individual Income Tax Treatment in China and the UK
Permanent Establishment and Employing People in China and the UK Series
Permanent Establishment and Employing People in China and the UK Series

About China Briefing

  • About us
  • Asia Briefing
  • Our Partners
  • Our Team
  • Media Kit
  • Contact


  • EN
  • EN
  • FR
  • DE
  • IT
  • RU
  • ES
  • CN
  • PT
SUBSCRIBE
  • Topics
  • Russian Banks Eying Up Chinese Market Potential as Bilateral Trade Increases

Russian Banks Eying Up Chinese Market Potential as Bilateral Trade Increases

December 31, 2018 Posted by China Briefing Reading Time: 2 minutes

The liberalization of banking legislation in China will provide Russian banks with an opportunity to receive full licensing for China operations.

Related News

  • Transhipping China Trains and Ships to Europe – Understanding Russia’s Economic and Trade Performance in 2018 and Beyond
Sergey Iniushin, Russia’s Trade Representative to China, said: “It has always been difficult for banks to start their work and operate in China. We are studying the issue and we see its development in the following manner — one can say that now there are some steps, which allow us to say that there is an opportunity for a Russian bank to get a full-fledged license”.

Currently, although a handful of Russian banks have operations in China, VTB is the only bank that has a license. However, its license does not cover all types of operations and the bank cannot operate as a full-fledged settlement bank.

Western sanctions, meanwhile, have pushed Russian businesses into Asia and bilateral trade with China hit US$100 billion in 2018 and Russian Prime Minister Medvedev has stated there is plenty of opportunity to double that.

Related News

  • China Rail Targets Russian Far-East as a “Priority Market”
The governments of Russia and China have sought to develop their economic relationship to support more trade and investment between the two countries. For example, Russia and China cooperate in BRICS and Asia-Pacific Economic Cooperation (APEC), while earlier his year China signed off a non-preferential free trade agreement with the Eurasian Economic Union.

Chris Devonshire-Ellis of Dezan Shira & Associates, commented, “Service providers based in China may well need to start looking at attracting an alternative client base should the US-China trade dispute not be resolved. Russia is a large economy, with money to spend, and more politically and trade aligned with China. The Russia-China trade space is a place to be active in and developments such as permitting Russian banks operating and trade facilities is a natural evolution in this trend”.

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to email this to a friend (Opens in new window)
  • Click to print (Opens in new window)

China Briefing is produced by Dezan Shira & Associates. The practice maintains offices throughout China and has representation in Moscow, St. Petersburg, and Vladivostok. For assistance in the China-Russia trade space please contact Maria Kotova in our Shanghai office at maria.kotova@dezshira.com.

Previous Article
« What is Made in China 2025 and Why Has it Made the World So Nervous?

Next Article
New Tariff, Export Duty Cuts in China for 2019 – Wide Variety of Products Affected »

Related reading

  • May 01, 2018

    Dezan Shira & Associates' Service Brochure

    Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. With its team of lawyers, tax experts, auditors and...

    DOWNLOAD
  • February 28, 2022

    Human Resources and Payroll in China 2022

    A firm understanding of China’s laws and regulations related to human resources and payroll management is absolutely necessary for foreign businesses in...

    DOWNLOAD
  • December 27, 2021

    An Introduction to Doing Business in China 2022

    Doing Business in China 2022 is designed to introduce the fundamentals of investing in China. Compiled by the professionals at Dezan Shira & Associates in...

    DOWNLOAD
  • November 15, 2021

    Annual Audit and Compliance in China: Get Ready for 2022

    With the scope and penalties of China’s social credit system being further clarified in 2021, legal and regulatory compliance has become more important than...

    DOWNLOAD
  • October 18, 2021

    Tax Incentives in China

    As a legitimate tool for reasonable tax planning and cost saving, tax incentives play an important role. Companies also use tax incentives as a useful...

    DOWNLOAD
  • June 30, 2021

    Preparing for the Coming E-Fapiao Era

    Over the last few months, China has been quickly expanding the pilot program on electronic special value-added tax (VAT) fapiao (hereafter special VAT...

    DOWNLOAD
  • See more >

Expand Your Business in Asia

Dezan Shira & Associates helps businesses establish, maintain, and grow their operations.

Learn More

New Asia Briefing Website is Live!More news, better regional coverage, and a cleaner look.VISIT ASIA BRIEFING

Recommended for you

Subscribe to our Newsletter

Stay Ahead of the curve in Emerging Asia. Our subscription service offers regular regulatory updates,
including the most recent legal, tax and accounting changes that affect your business.

About

  • Overview
  • Personnel
  • Expert Contributors
  • Social Media
  • Email Newsletter / Subscription Service

Topics

  • Economy & Trade
  • Tax & Accounting
  • Legal & Regulatory
  • Industries
  • Human Resources & Payroll

Bookstore

  • Visit Publications
  • My Account
  • My Order History
  • Products

Events

  • Upcoming Events
  • Event Archive
  • Asia Events
  • Global Events

Media Partners

  • Partners
  • Partnership Program
  • Regional Business News
  • Follow and Share
© 1992-2021 Dezan Shira & Associates All Rights Reserved.
  • Terms of Use
  • Privacy Policy

Create Account

  • The Asia Briefing Weekly newsletter
  • Downloadable magazines and guides
  • Business event invites
  • Asiapedia access
Subscribe

Already a subscriber? Log in to start browsing
our magazines and guides

LOGIN
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.

China Weekly Briefing

Sign up for your complimentary subscription to our weekly newsletter here.
No subscription charges!