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BEIJING, Dec. 28 (Xinhua) -- China will further cut red tape to create a better business environment for foreign banks, the country's banking regulator said Thursday.

Chaudhry also expressed the belief that the Belt and Road Initiative will ensure that other countries and regions around the world reap the rewards.

Co-author of the report Tomomi Kitade said earlier in a report that their findings show without doubt that Japan's largely unregulated domestic ivory market is contributing to illegal trade and it is imperative that Japan's role within international illegal ivory trade be recognized.

The SFTZ was launched to trial streamlined business registration. Companies can register and be operational in the zone in three working days, considerably less than the previous 40.

First of all, it is because of the high quality and low maintenance fee, he said, adding that it also took into account about CRRC's localization efforts, including a rolling-stock assembling factory in the Malaysian state of Perak.