by：Chen Yun Wang Rong King & Wood Mallesons
At the beginning of the Chinese New Year, the People’s Bank of China (the “PBOC“) issued an order (PBOC Order  No.1) and a notice (Notice on Canceling the Corporate Bank Account Permit, Yin Fa  No.41, “Notice No.41“). In accordance therewith, the account opening approval and permit requirement for corporates with legal personality, organizations with legal personality and individually-owned businesses is and will be cancelled step by step. Such relaxation policy has been put into trial in Taizhou (Zhejiang) and Taizhou (Jiangsu) and is being promoted to apply nationwide. The PBOC also promulgated the Administrative Measures for Corporate Bank Settlement Accounts (these “Measures“) as one of the schedule to the Notice No.41.