Opening bank account in China

The Chinese banking system is under strict state control and has a two-tier structure. First level - People's Bank of China and political development banks; second level - commercial banks, including foreign banks. The market is dominated by state-owned commercial banks, the so-called "big four": Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Bank of China (BOC) and Agricultural Bank of China (ABC). However, they are focused more on the residents of the country.

Banks in China are actively implementing financial technologies such as blockchain, artificial intelligence, and other data to increase efficiency and improve customer service. They are also focused on digital services and payments and actively continue to develop this area.

Both local residents (residents) and non-residents can open a bank account in China. The possibility of opening an account for non-residents depends on the policy of a particular bank and the client's compliance with the requirements. For example, out of importance, when opening a bank account in China, non-residents are usually required to indicate their actual address of residence or the address of a real office in China. Sometimes, banks even carry out field checks of specified addresses. In addition, the bank will pay attention to business partners and counterparties to establish a real connection with China. Therefore, an account in the Bank of China will be useful only for those who either live or have a business in China or Hong Kong.

Also, non-residents need a local contact phone number to open an account in China, which will be used to confirm bank transactions and account registration.

Non-residents can open an account in China for various purposes, such as investment, business operations, or simply for the convenience of local financial transactions. If you are interested in this banking sector, contact a lawyer for a detailed consultation specifically for your business case.