The development, aimed at cutting red tapism, is aimed at streamlining and boosting the local economy.

On Tuesday, China’s central bank, The People’s Bank of China, stated it will do away with issuing permits for opening bank accounts by companies by the end of this year.

The move is in line with state council’s directive to reduce administrative red tapism.

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Tags: 2020, administrative, bank accounts, central bank, China, Chinese, no more, not required, opening, PBOC, People’s Bank of China, permits, red tape, red tapism, requirements