(27 February 2018 – China) As part of the government’s ongoing effort to promote investment in the country’s financial sector the Chinese banking regulator has simplified procedures for foreign banks.
The policies, which became effective on Feb. 13, mean foreign banks now only need to report their services to authorities rather than obtain prior approval which had been the case. Steps have also been taken to revise rules around setting up new branches, appointing executives and issuing bonds.
The China Banking Regulatory Commission has also clarified the application documents and procedures for foreign funded banks to invest in domestic banking institutions in an aim to further open up the banking system to foreign investors and promote competition.