14 Jul
More Favorable Policy from Chongqing Office of CBRC



On July 4th, Chongqing Office of CBRC (China Banking Regulatory Commission) issued The Detailed Implementation Rules of Simplifying the Access Modes of the Relevant Institutions and Senior Managers within China (Chongqing) Pilot Free Trade Zone (for Trial Implementation). From then on, it will be easier for banking institutions to establish branches in the Free Trade Zone and Chongqing Western Logistics Park.

According to the Rules, for Chinese-funded Commercial banks in Chongqing Municipality and rural small and medium-sized financial institutions, the limitation on the number of their branch offices which are about to be set up or upgraded in FTZ will be removed.

Chinese-funded Commercial banks in Chongqing Municipality, foreign-funded banks and rural small and medium-sized financial institutions which newly form, modify or terminate a branch office below the branch level in FTZ are not required to report to the Chongqing Office of CBRC for ex ante approval and shall be subject to the ex post reporting system.

The senior managers of a branch office below the branch level of Chinese-funded Commercial banks in Chongqing Municipality, foreign-funded banks and rural small and medium-sized financial institutions in FTZ are not required to report to the Chongqing Office of CBRC for ex ante approval of their qualifications and shall be subject to the ex post reporting system. Meanwhile, these senior managers can be exempted from qualification examinations.

    As an important part of FTZ, Chongqing Western Logistics Park puts much emphasis on the financial reform and development. The Park will actively introduce banks and financial institutions to optimize its recourses, regulate risks and facilitate the development of industry and supply chain.

The issuing of the Rules will enhance the financial service, broaden channels for financing and pave the way for the establishment of some financial platforms.