Wells Fargo exit ban revives fears about doing business in China

18/7/2025 17:50

Fears that employees of foreign firms risk entanglement with Chinese authorities have resurfaced after news that an employee of U.S. bank Wells Fargo has been banned from leaving the country.



Business groups, diplomats and overseas executives say the incident is part of a long-term trend that had appeared to ease off as Beijing pushed to promote its appeal to foreign commerce to bolster its slowing economy.



Wells Fargo has suspended all travel to China after the incident, a person familiar with the matter told Reuters.



Shanghai-born Chenyue Mao, who spearheads the bank's international factoring business, was subjected to the ban after she entered China in recent weeks, the Wall Street Journal reported. She is a U.S. citizen, a source told Reuters.



China's foreign ministry spokesperson Lin Jian told a press briefing on Friday that he was not aware of the Wells Fargo matter, adding that China was committed to providing a welcoming environment for foreign companies to do business.