China will further cut red tape to create a better business environment for foreign banks, the country's banking regulator said Thursday.
The China Banking Regulatory Commission (CBRC) will revise rules on administrative licensing for foreign banks to minimize the approval items and unify market entry standards for Chinese and foreign banks, the CBRC said in an online statement.
The CBRC will clarify procedures and application materials for foreign and joint venture banks to invest in domestic banking institutions after a notice issued in March approved such behavior.
In the notice, the CBRC also eased license requirements for foreign and joint-venture banks in services including treasury bond underwriting and financial advising.
Foreign banks will only need to report to authorities after they launch certain services, rather than obtaining approval in advance, according to the revised rules.
The public has until January 27 next year to give suggestions on the revised rules, the CBRC said.
China has been gradually opening up its financial sector, with authorities pledging to ease caps on foreign ownership in Chinese banks and financial asset management companies.
The CBRC also said earlier that it would broaden the business scope of foreign banks, including easing restrictions on renminbi retail banking for foreign banks.