This paper discusses the banking regulatory and supervisory practices in People's Republic of China (PRC) with reference to the international standard for banking supervision, namely, the Basel Core Principles for Effective Banking Supervision (BCPs). In building a robust supervisory system, the PRC finds specific guidance more helpful than sole reliance on principles-based approaches. The paper argues that general principles and a principle-based approach to regulation do not seem to work well for emerging markets. Indeed, the current financial crisis has revealed some shortcomings in the existing international standards on banking supervision.