China to Open Banking Sector as Promised: Central Bank Governor

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Last updated at: (Beijing Time) Friday, February 01, 2002

China to Open Banking Sector as Promised: Central Bank Governor

China will keep its promise to gradually open up its banking sector in accordance with the timetable set in the WTO agreement, said Chinese central bank governor.

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China will keep its promise to gradually open up its banking sector in accordance with the timetable set in the WTO agreement, said Chinese central bank governor.

Dai Xianglong, governor of the People's Bank of China, confirmed this on Friday at a New Year party for foreign financialinstitutions in China.

Dai said that the opening up of China's banking industry is an important part of China's policy of opening and reform. China's entry into the WTO marked a new stage in China's banking industry.

He said that China will continue its reforms in the banking sector, including the establishment of a banking supervision standard which conforms to international practices; accelerating reforms of state-owned commercial banks to improve their competitiveness; continuing to practice a prudent monetary policy;maintaining the international balance of payment and protecting the stability of the local currency.

"The great potential for development in the Chinese economy promises high capital returns and untapped business opportunities in financial services," he said, adding that competition and cooperation between Chinese and foreign financial institutions will bring greater development of the banking sector.

By the end of 2001, foreign financial institutions had set up 214 representative offices and 190 business institutions in China,with combined assets of 45.2 billion U.S. dollars. A total of 31 foreign banks have been ratified to deal in Renminbi.

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