Big State-owned Banks Re-open Their Shanghai Branches

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Multiple banks in the Chinese financial hub of Shanghai have recommenced operation following the imposition of strict COVID-19 lockdowns at the start of April.

As of 18 May multiple branches of China’s big state-owned banks in Shanghai had restored external operations, including Bank of China (BOC), Bank of Communications (BOCOM), China Construction Bank (CCB), Industrial and Commercial Bank of China (ICBC) and Postal Savings Bank of China (PSBC).

Agricultural Bank of China (ABC) has since joined their ranks, with some of its Shanghai branches also providing client-facing services.

The move comes after state-owned media reported improvements to the COVID-containment situation since the imposition of strict lockdown measures at the outset of April.

The Shanghai municipal government also recently released the “Work Plan on Driving Local Financial Institutions to Continue Stable Operation and Better Serve Economic and Social Development” (关于推进本市金融机构持续平稳运行更好支持经济社会发展的工作方案).

The Plan contains an initial “white list” of 864 financial institutions that will soon be permitted to commence operation in Sahgnahi.