Text Version
RSS Feeds
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  -Text Version
  -RSS Feeds
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
Chinese gov't injects $20 bln into major state policy bank
+ -
12:15, January 01, 2008

 Related News
 Senior Chinese officials celebrate New Year at concert
 People's Daily editorial forecasts 2008 key year in China's history
 Ancient merchant boat arrives at purpose-built museum
 Expansion of Qinshan nuclear complex proceeds with dome installation
 Ice run sighted later than usual in Yellow River
 Comment  Tell A Friend
 Print Format  Save Article
Central Huijin Investment Co. (Huijin), an investment arm of the Chinese government, signed a contract with the China Development Bank (CDB) onday to inject 20 billion U.S. dollars into the state-owned policy bank.

The investment, ratified by the State Council, would sharply raise the CDB's capital adequacy and improve its risk-prevention capability, said a press release by the People's Bank of China, the nation's central bank.

The release indicated CDB was undergoing a fundamental reform to become a fully commercial financial institution.

Huijin had formerly invested in major Chinese commercial banks, including ICBC, CCB and the Ever Bright Bank, to help them shake off the heavy burden of bad loans before being restructured into a joint-stock company.

On Dec. 25, Lou Jiwei, chairman of the China Investment Corp. (CIC), the country's state forex investment company, indicated at a public occasion that it controlled Huijin and was confident in the CDB's reform and restructuring.

CIC had formerly promised to invest a third of its 200 billion U.S. dollars capital, or about 60 billion U.S. dollars, in the CDB and the Agricultural Bank of China.

CDB is one of the country's three policy banks, the other two being the Eximbank and the Agricultural Development Bank. CDB's public financial data revealed it was in far better financial condition than most of the country's commercial banks.

Source: Xinhua

  Your Message:   Most Commented:
Is 'Laowai' a negative term?

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved