US banking giant Wells Fargo has suspended all corporate travel to China after a banker was blocked from leaving the country. The move comes amid increasing concerns about the risks of doing business in China, particularly around employee safety and freedom of movement.
The incident involves Chenyue Mao, a US citizen and managing director at Wells Fargo, who was subject to an exit ban after entering China in recent weeks. The Wall Street Journal reported that the bank has suspended all travel to China until Mao can return to the US.
China’s foreign ministry spokesperson Lin Jian denied knowledge of the matter, saying the country is committed to providing a welcoming environment for foreign companies. However, experts warn that the incident could worsen concerns among multinational companies about doing business in China.
“This kind of event is not a step in the right direction,” said Mark Headley, CEO of Matthews Asia. “We’ve seen a long pattern since I first traveled to China in 1991 of the country being very tricky to work in.”
China has increasingly used exit bans on both Chinese and foreign nationals, often in connection with civil disputes or regulatory investigations. The move could chill corporate travel to China and complicate relations between the US and China.
The incident highlights the risks faced by foreign companies operating in China, particularly around immigration policies and employee safety. While some experts believe that senior executives of companies trading heavily with China may be spared from exit bans, others warn that the situation is becoming increasingly precarious.
The Wells Fargo ban could have broader implications for multinational companies doing business in China, as it raises concerns about the risks of travel in the country.
Source: https://www.reuters.com/business/finance/wells-fargo-suspends-china-travel-after-employee-exit-ban-source-says-2025-07-17