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PBOC changing to an online licensing system

(ATF) China’s central bank has changed the way it processes administrative licenses, to refine and improve the accepting and approving of licenses.

The People’s Bank of China has issued its newly revised “PBOC Administrative License Implementation Measures”. The revised measures make up for the lack of online processing of administrative licenses and try to improve the efficiency of the processing system via information technology.

A PBOC Administrative License is needed for businesses to handle money, such as government bodies, banks, online commercial businesses, etc. 

The mea­sures also es­tab­lish sim­pli­fied pro­ce­dures which apply to the re­view and issuance of licenses to open a bank ac­count, re­lated li­cens­ing doc­u­ments and changes to items recorded on qual­i­fi­ca­tion cer­tifi­cates.

The reform stems from directives from the State Council, which did a major review of the law enforcement system. A key element is the process of applying for an administrative license.

According to the PBOC, this move lays the institutional foundation for comprehensive implementation of e-government and of “one Internet connection” for administrative licensing.

In its next step, the central bank plans to “promptly revise the ‘Administrative Licensing Service Guide’, to introduce relevant supporting measures, optimize the “Internet + government” service platform, and improve the level of administrative approval and financial supervision.”

Chris Gill

With over 30 years reporting on China, Gill offers a daily digest of what is happening in the PRC.


AF China Bond