Firms find it easier to get deposit accounts

Chinese companies do not have to get permission from the central bank to open deposit accounts in commercial banks, starting from Monday, a measure to improve financial services especially for small and micro businesses, according to the financial authorities.

The policy took effect five months earlier than the scheduled timeline, said Yan Fang, deputy head of the Payment and Settlement Department of the People's Bank of China. A State Council executive meeting in December 2018 decided to cancel all such permissions nationwide by the end of this year.

Before Monday, companies in China had to receive approval from the People's Bank of China, the central bank, as well as from the commercial banks, when they sought to open deposit accounts.