21. Sep 2005
Foreign banks encouraged to enter western regions
(Xinhuanet) China's banking regulator has worked out new policies to encourage foreign banks to enter the country's western regions, saying they can directly set up branches in the regions without having to set up offices first. Xu Feng, director of the Banking Supervision Department III with the China Banking Regulatory Commission (CBRC) said "Foreign banks may directly apply for the establishment of operational branches in western China, without the need of opening representative offices there first". According to relevant existing regulations in China, a foreign bank is required to keep a representative office in a Chinese city for two years before it is permitted to open an operational branch there.