Premier Wen presses for joint-stock restructure of banks

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Last updated at: (Beijing Time) Tuesday, February 10, 2004

Premier Wen presses for joint-stock restructure of banks

Chinese Premier Wen Jiabao on Tuesday called for further reform of state-owned banks, pointing to the joint-stock restructuring of the Bank of China and the China Construction Bank.

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Chinese Premier Wen Jiabao on Tuesday called for further reform of state-owned banks, pointing to the joint-stock restructuring of the Bank of China and the China Construction Bank.

The financial reform should be quickened to build modern financial enterprise systems, Wen said at a national banking, securities and insurance working conference.

China's cabinet, the State Council, in January allocated 45 billion US dollars of the country's foreign exchange reserves to apilot reform to turn the Bank of China and the China Construction Bank, two state-owned commercial banks, into joint-stock banks.

Reforms of other commercial banks, policy banks and rural financial institutions should also be boosted, he said, noting financial asset management companies should be well operated to handle more non-performing assets.

He urged reform of the capital market and the insurance industry as well as the implementation of the World Trade Organization obligations, demanding more openness in the banking, securities and insurance industry.

The financial supervisory systems in China should be improved, the non-performing loan rates of banks should be lowered, and all illegal financial activities should be strictly prosecuted in accordance with the law, he said.

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