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Home >> Business
UPDATED: 14:48, March 10, 2005
NPC deputy calls for a northwest development bank
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"Without support from the banking industry, it's hard for the northwest economy to bring about big development." In view of this, Zhao Peng, NPC deputy, and president of the Gansu province branch of Industrial and Commercial Bank of China, suggests that a northwest development bank should be established to promote northwest economic development.

Zhao Peng told People's Daily: Since the state implemented the strategy for large-scale development of the western region, the northwest region has entered the period of the fastest development and best situation in history, but the development gap of the western region is widening, the key factor for which is the inadequate input of funds."

He expresses the view: "Not only is the financial base of the northwest region weak, but also financial construction is relatively lagging, the financial system and structural adjustment cannot properly satisfy the need of economic development, furthermore, the outflow of capital in the northwest region is serious."

Zhao Peng, who has been working in the banking industry for over 20 years, said that establishing a northwest development bank is indeed a good plan for solving this problem, and the time and condition are already ripe for setting up such an establishment.

Zhao Peng proposes that commercial banks in Lanzhou city, Gansu Province, should take the lead, together with the commercial banks in Yinchuan of Ningxia, Xining in Qinghai, Urumqi in Xinjiang, to establish a northwest development bank (excluding Xi'an in Shaanxi). On the basis of existing independent legal person, the total volume of their respective assets should be taken as the shares of the northwest bank, they should strive for financial support from the central authorities and the four northwest provinces and regions, buy up the grassroots' outlets of some state-owned banks, which are soon to be dismantled or merged and build them into a regional shareholding commercial bank, with its business radiating the four provinces and regions of Xinjiang, Ningxia, Qinghai and Gansu.

Zhao said with confidence that if the northwest development bank can be approved, the fund utilization rate in the northwest region will be further improved, the flow direction of resources will become more rational, at the same time, such a bank will boost the comprehensive development of the local commercial banking business, upgrade anti-risk ability and realize trans-regional capital cooperation through mutual shareholding, development ability and competitive capability will be enhanced rapidly, thereby giving an impetus to the virtuous, interacting and sustainable development of the local economy and financial industry.

By People's Daily Online

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