| Last updated at: (Beijing Time) Friday, November 16, 2001 |
Chinese Banks to be More Aggressively in Reform |
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Senior officials from Chinese banks vowed Thursday to act more aggressively in reforming the banking sector so as to meet challenges concurrent with the country's entry into the WTO.
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Chinese banks to be more aggressively in reform, senior official vowed.Senior officials from Chinese banks vowed Thursday to act more aggressively in reforming the banking sector so as to meet challenges concurrent with the country's entry into the WTO.
PBC governor confident in Chinese banks' ability Dai Xianglong, governor the People's Bank of China (PBC), told a symposium held by the China Bank Association Thursday that he is confident in Chinese banks' ability to weather the impacts of China's WTO entry.
But Chinese banks must take effective measuresHowever, Dai and presidents of commercial banks agreed that Chinese banks must act swiftly and decisively to improve corporate governance and assets quality.
China is to gradually ease its restrictions on foreign bank access to the market in response to the WTO entry. The financial market is to open by 2006.
Dai said that PBC must come up with the right monetary policy to assist the development of commercial banks and also urged Chinese banks to learn management skills from their foreign counterparts.
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