The China Banking Regulatory Commission has approved Motorola (MOT) China to set up a solely-owned accounting company in China.

Located in Tianjin, the new company will be the first foreign funded accounting company in the city. It has a total registered capital of CNY100 million and will provide deposits, bank loans, financing, financial services and finance consultant services to Motorola's seven affiliates in China.

Just like other foreign companies, Motorola hopes to strengthen the centralized management of the group's capital and improve the utility of the capital by setting up this accounting company.