China says it welcomes foreign companies, following Wells Fargo employee exit ban

China said on Friday (July 18) that it is a country governed by rule of law, and welcomes enterprises from all countries, after Wells Fargo banker Chenyue Mao was subjected to an exit ban after she entered China in recent weeks.

AI Brief

Wells Fargo suspended all travel to China due to rising risks.
A Trump official declined to comment on a reported travel restriction case.
The move raises broader fears about doing business and traveling in China.

Wells Fargo has suspended all travel to China, a person familiar with the matter told Reuters on Thursday (July 17), causing broader anxiety about the risks of travel in the country.

A senior Trump administration official on Thursday said they could not comment on the reports of Mao being refused permission to leave China, citing privacy considerations.

The ban could worsen concerns among multinational companies about the risks of doing business in China, particularly around employee safety and freedom of movement. The incident could also chill corporate travel to the country and complicate relations between the world's two biggest economies.