Vice-Premier on Development of Banking Sector

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Last updated at: (Beijing Time) Monday, March 18, 2002

Vice-Premier on Development of Banking Sector

Chinese Vice-Premier Wen Jiabao said Saturday that state-owned commercial banks should adopt system reforms to face the challenges following China's entry into the World Trade Organization (WTO).

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Vice-Premier on Development of Banking Sector

Chinese Vice-Premier Wen Jiabao said Saturday that state-owned commercial banks should adopt system reforms to face the challenges following China's entry into the World Trade Organization (WTO).

Wen told a forum sponsored by the Bank of China that Chinese banks must act swiftly and decisively to improve corporate governance and assets quality.

They must also work hard to divest themselves of non-performing assets, he said.

It is of vital importance to set up a supervision system in accordance with international standards, he noted, adding that greater efforts will be made to rectify the order of social credit and protect creditors' rights.

Meanwhile, Dai Xianglong, governor of the People's Bank of China, the central bank, told the forum that he is confident about Chinese banks' ability to weather the impact of China's WTO entry.

He said that the central bank will step up its efforts in the sphere of credit supervision to guard against the occurrence of new risks. Policy and legal means will be employed to crack down on debt dodging and prevent the appropriation of credit capital into securities markets.

The forum was held to mark the 90th anniversary of the establishment of the Bank of China.

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