Guizhou greatly improves banking efficiency for enterprises

Enterprises in Southwest China's Guizhou province no longer need to wait a long time to receive approval for opening a bank account from the People's Bank of China, thanks to a recent move to simplify the registration process that came into effect on June 10.

"The process has become simple and convenient. It only took me half an hour," said Feng Wanqin, head of a housing agency in Guizhou. She was the first beneficiary in Guizhou for the newly simplified process.

According to the new policy, banks in Guizhou are able to sign cooperation agreements with enterprises for opening and managing accounts, based on the actual needs and risk levels of the enterprises.

For banks, the policy further strengthens their account management responsibilities, enhances their ability for risk prevention and controls, improves their level of financial services, as well as enhances their innovation ability.

For enterprises, they can get their account immediately instead of waiting for three working days like they did in the past, said Zhan Ruihuai, head of the Guizhou branch of the People's Bank of China.