The cut procedures involve four groups of regulations, namely the operation of commercial banks; the operation of non-bank credit institutions; the operation of cooperative banks, people’s credit funds, and micro-finance organisations; and outbound investment.

Notably, the regulation that major shareholders must carry out the procedure of approving the purchase, sale, and transfer of shares has been abolished, which will help reduce time and costs.

Procedures for the conversion of the central people’s credit fund and procedures for establishing cooperative banks have also been removed.