The People’s Bank of China (PBOC) has just issued amended regulations for administrative licensing procedures in the Chinese financial sector.
On 1 April PBOC issued the “People’s Bank of China Administrative Licensing Implementation Measures” (中国人民银行行政许可实施办法) – the first departmental regulations issued by the central bank since the year began.
PBOC said that it has amended the “Administrative Measures” that have been in place since 2004, for the purpose of “standardising administrative licensing, to protect the lawful rights and interests of citizens, legal persons and other organisations.”
The new Measures provide amended regulations for the online handling of administrative licenses in order to advance the Chinese government’s digitisation drive.
The Measures also establish simplified procedures which are applicable to the review and issuance of bank account opening licenses, related licensing documents and changes to items recorded on qualifications certificates.
The amended rules are scheduled for implementation on 1 June.