Chinese state banking laws are fairly easy to follow for one reason: Chinese banking is controlled by the state, not, as in most of the world, by private bankers. This means all economic development and its financing must be approved by the government, who charters and controls the main bank, the Bank of China. Finance, therefore, is always political.

The main issues in Chinese banking law concern the needs of the state relative to financing development. Banking is not seen as separate from social and political development for China, and all financing is targeted to two things: high technology purchases and raw materials. Therefore, Chinese bank law is based around either foreign investment or the financing of debt relative to acquiring of these two things.

Many individuals and students in the United States have friends, family or business associates in the People’s Republic of China. Often, these individuals need to transfer funds between the United States and China. Learn how to send money to China securely and efficiently from the United States.

Opening a bank account in China is a fairly simple process. There are a few things that each ex-pat or foreigner must remember, but generally, the process can be handled in an afternoon. Remember, when opening an account in a foreign land you must be vigilant to protect yourself against identity fraud—stay alert when handling the transaction.

Opening a bank account in China is far less complicated today than it was a decade ago. Today, Chinese banks welcome foreign nationals and make the process of opening a bank account quick and simple. The documentation you must submit is not much different from what you would need in any other country, and the process is usually instantaneous. With the growing number of English-speaking officials in banks, you will also not need to speak much, if any, Chinese or bring a translator.