September 24 2020

State Council to Cancel and Delegate Power for Some Administrative Licensing Items

Announcement by State Council

The State Council released on September 21, 2020 the Decision to Cancel and Delegate Power for Some Administrative Licensing Items. According to the decision, the State Council will cancel requirement for government review on 29 items and delegate power on four items.

Among them, the permit for opening corporate bank account is scrapped. The People's Bank of China (PBOC) should ask commercial banks to conduct online examinations of corporate bank account applicant's business registration, staff and tax payment information, and report the data to the PBOC. If enterprises and individuals are found to have illegally sold corporate bank accounts, they should be barred to open new accounts or suspended to get non-counter services.