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China will abolish permits for opening bank accounts by companies by end-2019

Published 02/11/2019, 09:22 PM
Updated 02/11/2019, 09:25 PM
© Reuters. FILE PHOTO: Chinese 100 yuan banknotes in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing

BEIJING (Reuters) - China's central bank said on Tuesday it will abolish permits for opening bank accounts by companies by the end of 2019, in line with a state council directive to reduce administrative red tape.

© Reuters. FILE PHOTO: Chinese 100 yuan banknotes in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing

Latest comments

I tried multiple times to open a legitimate office in China with a bank account and payroll. I finally gave up. Too late for me I guess, but may be a positive for younger generations unless they’re already looking elsewhere.
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