Banking watchdog sets up office in Shanghai

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Last updated at: (Beijing Time) Thursday, October 16, 2003

Banking watchdog sets up office in Shanghai

The China Banking Regulatory Commission Shanghai Supervision Bureau was inaugurated yesterday, serving as the banking regulator in the emerging global financial center.

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The China Banking Regulatory Commission Shanghai Supervision Bureau was inaugurated yesterday, serving as the banking regulator in the emerging global financial center.

The inauguration marks the official transfer of the supervisory tasks in the local banking industry from the People's Bank of China's Shanghai Branch to the new CBRC office.

The Shanghai Bureau will oversee the operations of policy banks, state-owned commercial lenders, national joint-stock banks, city commercial banks, asset management companies, rural credit unions, trust firms, finance companies, deposit-taking post offices and overseas lenders in the city, said the CBRC in a statement.

"The establishment of the CBRC's local bureau will quicken the opening up of Shanghai's banking industry and stabilize its growth," said the statement.

Shanghai is at the forefront of China's opening up of its financial industry and is home to several overseas lenders operating on the Chinese mainland.

Overseas bankers, including Citi-bank and the Hongkong and Shanghai Banking Corp, have set up 60 banking outlets in Shanghai by the end of last month with assets totaling US$23.2 billion, or more than half of the assets of foreign lenders on China's mainland.

"One of the bureau's main tasks is to give impetus to the city's plans to build itself into a global financial center," said the CBRC which held its first national conference on overseas banks' operations in Shanghai in August.

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