The China Banking and Insurance Regulatory Commission conducted in-depth research that led to the introduction of 12 new measures for further opening up in May 2019. These measures included the cancellation of requirements that foreign banks possess total assets of USD 10 billion to qualify to establish a foreign-funded bank and USD 20 billion to establish a branch in China. According to the Decision of the State Council to Amend and Repeal Certain Administrative Regulations officially announced on October 15, 2019, the amended Regulation of the People's Republic of China on the Administration of Foreign-funded Banks cancels total asset requirements for foreign banks looking to set up operations in China.