Foreign banks can establish corporate banks and branches in China at the same time. 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 clearly stipulates that "Foreign banks may legally establish wholly foreign-owned banks and foreign bank branches in the People's Republic of China or Sino-foreign joint venture banks and branches of foreign banks at the same time."