China Streamlines Rules to Attract Foreign Banks
China Streamlines Rules To Attract Foreign Banks
BEIJING - China's central bank has published streamlined regulations that make it easier for foreign banks to establish representative offices here, Chinese officials said.
Under the revised rules from the People's Bank of China, a foreign bank need no longer establish its first representative office in Beijing but rather may choose any open Chinese city.
The central bank also eliminated regulations requiring foreign representative bank offices to reregister with the government every three years.
Banks may now submit applications to establish offices at any regional branch office of the People's Bank, avoiding bureaucratic logjams at the main office in Beijing. The revisions took effect immediately.
"This is designed to eliminate unnecessary problems for foreign banks," said a Chinese official familiar with the new rules.
Foreign bankers said the revised regulations would help to attract more overseas institutions to China, particularly to the coastal regions that are seeing the quickest jump in economic development. …