Central Bank Concentrates on Financial Supervision in 2002

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Last updated at: (Beijing Time) Saturday, February 09, 2002

Central Bank Concentrates on Financial Supervision in 2002

The People's Bank of China (PBOC), China's central bank, will focus its attention on reinforcing financial supervision in the year 2002, said Dai Xianglong, governor of the PBOC.

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The People's Bank of China (PBOC), China's central bank, will focus its attention on reinforcing financial supervision in the year 2002, said Dai Xianglong, governor of the PBOC.

Delivering a speech at the central bank's annual working meeting which opened in Beijing Thursday, Dai Xianglong said that this year China will continue to pursue prudent monetary policies and step up financial support for economic development.

"Increasing supervision of the banking industry will be the main objective this year. Efforts will be made to minimize financial risks and to promote sustained, rapid and healthy development of the national economy," Dai said.

He added that in 2002 the projected growth of broad money and narrow money supply is expected to be around 13 percent, while netcash input will not exceed 150 billion yuan, and total loans should increase by over 1.3 trillion yuan.

He stressed that major effort should be made in the supervisionof financial institutions in a bid to lower non-performing assets,gradually get rid of any historical financial burdens and increase profitability.

Efforts will also be made to raise the efficiency of foreign exchange management and to protect an international payment balance, to improve financial services and to tighten internal control.

China Vows to Increase Financial Supervision, Reform

China has outlined the priorities for its financial sector in the coming few years, such as improved supervision, more financial reforms and regulation of the financial system to reduce financial risk and improve financial services.

The priorities were determined at a three-day national conference on finance held by the Central Committee of the Communist Party of China (CPC) and the State Council. (In Detail)

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