The new regulations require overseas suppliers of technology to Chinese banks to hand over source code for that technology, open themselves up to audits by the Chinese authorities and adopt Chinese encryption codes, according to a Reuters report.
Other rules would force computer equipment suppliers to Chinese banks to set up research and development centres in China, obtain permits for staff tasked with maintaining that equipment, and set up 'ports' allowing Chinese authorities to access data processed by the equipment, the report said.
The US Chamber of Commerce and American Chamber of Commerce in China, among other bodies, have collectively written to a Chinese government agency responsible for cyber security seeking discussions on the new measures.
According to a report by the BBC, which claims to have seen the business groups' letter, the letter said: "An overly broad, opaque, discriminatory approach to cyber security policy that restricts global internet and ICT products and services would ultimately isolate Chinese ICT firms from the global marketplace and weaken cyber security, thereby harming China's economic growth and development and restricting customer choice".
The business groups claim the new rules could hamper Chinese banks' access to the latest technology, the report said.