Banking in China
The world’s largest banking system by assets — state-owned scale, tight capital controls
China runs the world’s largest banking system by assets, dominated by the state-owned "Big Four" (ICBC, CCB, ABC, BOC) plus leading joint-stock banks such as China Merchants Bank. For foreign companies, banking means first establishing a wholly-foreign-owned enterprise (WFOE): account opening is document-heavy and slow, requiring a business licence, company chop/seal, legal-representative ID and SAFE foreign-exchange registration. Capital controls shape cross-border money movement, and domestic payments run heavily on UnionPay and local mobile-payment rails.
Find my China account →Top business accounts — China
| Bank | |||||
|---|---|---|---|---|---|
| CN¥15 | None | 22 days | 46/100 · C | ||
| CN¥20 | None | 28 days | 43/100 · C | ||
| CN¥20 | None | 30 days | 42/100 · C | ||
| CN¥20 | None | 32 days | 41/100 · C | ||
| CN¥20 | None | 34 days | 40/100 · C |
Who regulates banking in China
National Financial Regulatory Administration — prudential regulator of banks and insurers (successor to the CBIRC).
People’s Bank of China — central bank; monetary policy and payment-system oversight.
State Administration of Foreign Exchange — forex registration and cross-border capital-flow controls.
Chinese residents & companies
Widest access across the Big Four and joint-stock banks; in-person onboarding is the norm, and a business licence, company chop/seal and legal-representative ID are core requirements.
Non-residents / foreign-owned (WFOE)
No direct non-resident corporate accounts — foreign owners must first establish a WFOE with a PRC business licence, then open onshore. Onboarding is heavily documented and slow; always verify current eligibility with the bank.
Entity types (WFOE, LLC, JV)
WFOEs, domestic limited-liability companies, joint ventures and representative offices are all bankable; SAFE foreign-exchange registration is required before cross-border flows.
Best business banks — China
See all →- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
Best for foreign companies (WFOE)
See all →- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
Best for trade & cross-border
See all →- ✓Directly serves your need: trade finance.
- ✓Matches: trade-finance, cross-border.
- ✓Matches: cross-border.
- ✓Strong approval odds for your profile (~81%).
- ✓Matches: cross-border.
- ✓Strong approval odds for your profile (~75%).
- ✓Matches: trade-finance, cross-border.
- ✓Tight FX spread (~0.45%) — wins on all-in cross-border cost.
- ✓Matches: trade-finance.
- ✓Tight FX spread (~0.5%) — wins on all-in cross-border cost.
- ✓Matches: trade-finance.
- ✓Tight FX spread (~0.5%) — wins on all-in cross-border cost.
China banking — frequently asked
Can a foreign company open a Chinese business bank account?
Not directly. A foreign owner must first establish an onshore entity — typically a wholly-foreign-owned enterprise (WFOE) — with a PRC business licence, then open a corporate account in person. Onboarding is heavily documented and slow, and the bank will require the business licence, company chop/seal, legal-representative ID, Articles of Association and SAFE foreign-exchange registration. Always verify current requirements with the bank before applying.
What are the business licence and the "company chop" (seal)?
The business licence is the official registration certificate issued to a PRC-incorporated company; banks require it to open an account. The company chop, or official seal, is a registered stamp that legally binds the company — in China it carries the authority a signature does elsewhere, and it is required on banking and contractual documents alongside the legal representative’s ID.
How do capital controls and SAFE registration affect cross-border money?
China maintains capital controls administered by the State Administration of Foreign Exchange (SAFE). Companies must complete SAFE foreign-exchange registration, and cross-border inflows and outflows are subject to documentation and quotas. Cross-border RMB settlement is available through the larger banks (notably Bank of China), but moving money in and out is materially more regulated than in fully open markets — plan flows and documentation in advance.