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Home >> Business
UPDATED: 09:00, January 30, 2005
China's financial sector undergoes successful reform, says Chinese official
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China's financial sector has been undergoing very successful reform in the past 26 years, deputy governor of China's central bank Li Ruogu said Saturday in Davos, Switzerland.

Before 1978, China had only one bank in its financial sector, but now a financial system has been established which covers areas like commerce, banking, securities and insurance, he told a session of the World Economic Forum.

China's financial assets have increased quickly, Li said, adding that its US dollar reserve has surpassed 600 billion dollars.

Since China's entry into the World Trade Organization (WTO) in 2001, China has quickened opening-up of the financial sector to honor its commitments.

"Now we have 211 foreign banks in China," said Li, adding that 111 of them have got the licence to do RMB business, and 72 of them have got the licence to do local clients' RMB business.

However, China's financial sector is still facing a lot of problems, such as the very underdeveloped capital market, too much reliance on the indirect financing, and irregularities in the operation of security office, he said.

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