China has suspended plans to heavily regulate technology in the banking industry that would favour domestic producers at the expense of foreign imports, according to a notice issued to banks.
The move follows protests by US officials and businesses who said it would exclude them from the Chinese market. Washington has been lobbying Beijing on the issue and a raft of other new cyber security rules, including a draft counter-terrorism law, as well as new data transfer restrictions.
A notice sent to banks this week by the China Banking Regulatory Commission and the Ministry of Industry and Information Technology said the regulations would be revised and reissued after feedback had been solicited, according to two people who have seen the notice.