(Bloomberg) -- China, which aims to curb dependence on foreign technology, plans to require the registration of source code for information-technology products used by banks.

Suppliers currently need to provide intellectual property identification for software, the China Banking Regulatory Commission said in a statement dated yesterday. The commission is seeking feedback on the plans, it said, adding that the rules would be the same for local and foreign firms.

Chinese regulators summoned bank officials for a meeting last month to stress the need to carry out a directive to cut the nation’s reliance on foreign technology, people familiar with the matter said previously.

President Xi Jinping’s government has plans to purge most foreign technology from banks, state-owned enterprises and the military by 2020, Bloomberg News reported in December. While foreign companies that turn over their core technology would get a reprieve, the plan threatens sales for vendors including Microsoft Corp., International Business Machines Corp. and Cisco Systems Inc.

U.S. business groups are seeking immediate action from the Obama administration to reverse Chinese security requirements they say will block foreign software, servers and computing equipment from the country. If fully implemented, the policies threaten the ability of U.S. companies to participate in China’s $465 billion market for information technology products, 17 business groups wrote in a Feb. 4 letter to U.S. Secretary of State John Kerry and other government officials.

Courtesy of Bloomberg.

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