China Banking and Insurance Regulatory Commission (CBIRC) announced on Thursday to solicit public opinions on the revision of foreign bank management regulations.
According to the revised draft, foreign banks are allowed to establish wholly-owned banks and branches in China, or establish Sino-foreign joint venture banks and foreign bank branches at the same time.
Meanwhile, the branch of the foreign bank can absorb time deposits of the Chinese citizens in the amount of no less than 500,000 yuan each deal, said the revised draft.
The revision shows the country's determination to further open its financial industry to the outside world, said analysts.
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