Chinese banks expand overseas

China is urging developed countries to make it easier for Chinese banks to set up overseas branches, a senior official said on Thursday.

Zhang Xiangchen, deputy negotiation representative for international trade at the Ministry of Commerce, said at a news conference in Beijing: "Each country has its own requirements for regulatory approval on the establishment of a branch by a foreign bank, and we certainly respect those requirements. But it takes too long for some countries to go through the approval procedure, and their requirements are too harsh.

"We'll step up negotiations with relevant countries through joint commissions for bilateral trade and economic relations, urging them - especially developed countries - to offer convenience for Chinese banks to set up branches," Zhang said.