China's New Banking Supervisory Authority Publicizes Operation Objectives

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Last updated at: (Beijing Time) Thursday, May 29, 2003

China's New Banking Supervisory Authority Publicizes Operation Objectives

China's newly founded banking supervisory authority made its debut Thursday and publicized its objectives for regulation and supervision at a press conference.

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China's newly founded banking supervisory authority made its debut Thursday and publicized its objectives for regulation and supervision at a press conference.

The establishment of the China Banking Regulatory Commission (CBRC) will be important for the safety, soundness and efficient functioning of the financial system in China, said CBRC at the press conference.

The objectives of CBRC is defined to protect the interests of depositors and consumers by prudential and effective supervision, and accordingly help increase the confidence among the public for the market.

CBRC should also promote the public understanding of modern finance by way of education, and try to reduce the financial crimes and keep the stability of the financial market.

NPLs in four state-owned banks to drop three-four percent in 2003

China Banking Regulatory Commission(CBRC) has set a target for the non-performing loans (NPL) in the four state-owned commercial banks to drop three to four percent in2003, with the outstanding NPLs decreasing 70 to 80 billion yuan (8.42 to 9.64 billion US dollars).

Liu Mingkang, chairman of CBRC, made this announcement at a press conference here Thursday.

The weighted average of the NPLs in the four banks was 26.12 percent by the end of 2002, Liu said. By the end of March this year, he added, the number dropped 1.99 percent to 24.13 percent, with the outstanding NPLs decreasing 27.1 billion yuan (3.27 billion US dollars) since the end of 2002.

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