Recently, the Beijing Banking Association released an initiative comprising ten elements such as optimizing credit approval processes, reducing approval timeframes, and enhancing business transparency. The goal is to guide financial institutions in further improving the quality and efficiency of their services while broadening their reach.

The initiative highlights "accelerating the establishment of Beijing as a pilot city in innovative business environment improvement". It encourages all members of Beijing Banking Association to actively develop an efficient financing environment, and contribute to the creation of a market-oriented, law-based, and internationally recognized business environment. Key guidance and encouragement are given to members to simplify procedures, reduce processing timeframes, and minimize the amount of required application materials in their credit businesses. The goal is to enhance the targeted management of credit approval processes, approval timeframes, and approval requirements. A phased exploration for key credit businesses to adopt strategies such as "proactive notification" and "commitment to process applications within the specified timeframe" is underlined. Through these efforts, the initiative strives to shape a "Beijing Model" for conducting credit operations, reflecting Beijing's unique role and functional positioning as China's capital.

(Source: Xinhuanet)