China's banking watchdog will level the playing field for overseas banks by easing restrictive business procedures.
The China Banking Regulatory Commission revised its rules for foreign banks, ditching approval measures in four areas including overseas wealth management products and portfolio investment funds, according to a «Xinhua» report.
To add sub-branches in China foreign banks will in future only need to obtain one approval instead of two as was previously the case, aligning the regulation with local Chinese banks.
Open to Foreign Players
In another step forward, as long as they inform the regulator of their services, foreign banks will not require administrative pre-approval to conduct offshore wealth management for clients the China Banking Regulatory Commission said on its website.
China’s deputy finance minister Zhu Guangyao promised in 2017 that his country would similarly calibrate limits on insurers and eliminate curbs, allowing foreign owners to take full ownership of insurance firms after five years.
