The Beijing Office of China Banking and Insurance Regulatory Commission (CBIRC Beijing Office for short) has been deepening the reform and opening up in the financial sector. Focusing on market access and regular supervision, it has been making proactive efforts to connect various domestic and foreign funded banks and insurance agencies and offer guidance to accelerate their settlements in Beijing, in a bid to support the establishment of a new financial developmental paradigm in the capital.

The settlement of banks and insurance agencies in Beijing gets off to a good start in 2022. CBIRC Beijing Office approved the registration of seven banks and insurance agencies above the branch (company) level, including one foreign-funded institution, with high efficiency in the first quarter. It also promoted the opening of 11 more banks and insurance agencies below sub-branch (company) level in Beijing, boosting the building of "Two Zones" with quality financial resources and high standards.

Going forward, CBIRC Beijing Office will continue to leverage policy guidance, market access consultation and offsite guidance, to improve regulation by streamlining administration, delegating more powers, and improving services. It will proactively take the lead in piloting polices, constantly optimizing the business environment of Beijing's banks and insurance agencies to encourage and attract more potential quality institutions to settle in Beijing and contribute to its high-quality development.

(Source: www.cs.com.cn)