China cuts red tape for foreign banks

BEIJING, Feb. 24 (Xinhua) -- China's banking regulator has cut red tape for foreign banks.

The China Banking Regulatory Commission has revised rules for foreign banks, scrapping approval procedures for four items including overseas wealth management products and portfolio investment funds. Banks only need to report their services to authorities rather than obtaining approval in advance.

Procedures were also simplified for foreign lenders to set up new branches, appoint executives and issue bonds.

The new policies became effective on Feb. 13. Enditem