--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
SPORTS
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Chinese Women
Film in China
War on Poverty
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar
Trade & Foreign Investment

Hot Links
China Development Gateway
Chinese Embassies

Manufacturers, Exporters, Wholesalers - Global trade starts here.
Foreign Investment Helpful to Banking Industry Restructure

The financial restructuring of China's big four state-owned commercial banks is near to completion, according to Chairman Liu Mingkang of the China Banking Regulatory Commission (CBRC).

 

The big four -- the Agricultural Bank of China (ABC), China Construction Bank (CCB), Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC) -- own more than 53 percent of the total assets in the country's banking industry, Liu said at a round table conference over the weekend.

 

Up to the end of September, Chinese banks with adequacy ratio reaching 8 percent owned 71.4 percent of the total assets in the banking industry, compared with 44 percent a year ago, said the CBRC chairman.

 

Liu attributed the improvement to the introduction of qualified strategic investors and preparations for going public, saying it made the country's financial reform and restructuring fruitful.

 

Liu defined the cooperation with foreign banks in the process as of immense influence, saying that the stake taking by foreign banks would help end government financial support to the commercial banks in financial restructuring.

 

Foreign investors are particularly helpful in promoting corporate governance and management of Chinese banks, Liu said, adding the big four had invited a dozen international professionals to hold important posts in the boards of directors or special committees of the banks.

 

(Xinhua News Agency October 31, 2005)

 

Rules Stay Same for Local Banks
CBRC Chairman Encourages Foreign Banks to Expand
Banking Sector Opens up
Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688