Photo: Landscape near the Financial Street Area at Xicheng District in Beijing, where many commercial banks are headquartered. (Xinhua)
BEIJING, May 24 (Xinhua) -- The Beijing Office of China Banking and Insurance Regulatory Commission (CBIRC) has approved the establishment of seven new banking and insurance institutions above the branch (company) level in the first quarter of 2022, including a foreign institution, according to the website of the Office.
Since the beginning of this year, Beijing has continued to deepen the reform of separating permits from the business license in the banking and insurance sector, expanding the scope of the trial reform of access for branches of bank, insurance company and senior executives, and realizing the transition from an examination and approval system to a registration and recording system.
The Beijing Office of CBIRC has effectively promoted the approval process and greatly shortened the approval period. For example, the approval for the opening of the Beijing branch of Korea's Nonghyup Bank was completed in just 14 days, saving 80 percent of time compared with the policy required.
In addition, the Beijing Office encourages foreign banks to give full play to the advantages of their head office, deeply serve the China-proposed Belt and Road Initiative (BRI) and expand green finance business. The capital increase needs of foreign banks such as J.P. Morgan Chase Bank (China) Company Limited are all effectively supported by the Beijing Office of CBIRC.
In the future, Beijing will continue to optimize the business environment for banking and insurance institutions and encourage more high-quality institutions to set up branches in Beijing.
(Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)
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