China encourages qualified overseas banks to set up offices and
launch services in the country's developing west and northeast
regions, said Liu Mingkang, a leading official of the country's
banking watchdog.
The remarks by Liu, chairman of the China Banking Regulatory
Commission, indicated China's latest move to open its market to
overseas banks, and another bid by the central government to spur
economic development in the two regions.
China has opened up its financial market in an orderly way as it
committed to the World Trade Organization (WTO), said Liu.
To date, China has opened 13 cities to overseas banks for
banking services in the Chinese currency.
The commission has revised some supervision policies in order to
open the financial sector to overseas banks, including slashing the
minimum operating capital of overseas banks in China.
China has promised to open its banking business -- in all places
and all currencies -- to foreign banks in 2006.
(Xinhua News Agency June 6, 2004)