A Wells Fargo banker who works in the United States now faces a Chinese exit ban which has raised significant concerns among multinational corporations operating in China. The Wall Street Journal reports that Chenyue Mao received an exit ban after entering China during recent weeks according to sources.
Wells Fargo took immediate action by halting all employee travel to China while it uses official channels to bring Mao back to the United States. The situation has deepened the worries of worldwide businesses regarding employee protection as well as legal consequences and travel limitations in China.
The senior trade finance executive at Wells Fargo has spent more than ten years at the bank while serving as international factoring leader and FCI chair from Atlanta. The Chinese authorities have not disclosed the reasons behind the travel restriction which they use to enforce legal or regulatory disputes.
Chinese authorities now impose exit bans on both foreign nationals and domestic citizens without prior warning. The rising implementation of these measures creates a chilling effect on corporate operations and executive travel at a time when U.S.-China relations remain strained due to economic and geopolitical tensions.
The White House along with China’s foreign ministry have maintained silence about the matter. Mao has not made any public statements regarding the situation.
