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China Ends Official Permit Requirement for Opening Corporate Bank Accounts

The move to allow companies to open bank accounts anywhere on the mainland without first securing a government permit has been fully initiated on a national basis some five months ahead of the original deadline. Announcing the news, the People’s Bank of China (PBOC), China’s central bank, said that, with the last seven provinces implementing the directive as of 22 July, the programme was now complete. When initially mandated by the State Council last December, a 12-month roll-out was anticipated.

Following the successful completion of the initiative, the PBOC is said to be prioritising strengthening operational and post-operational oversight, optimising information-sharing between different departments and enhancing its corporate bank account services.

Source: State Council of China

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