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blank.gif (49 bytes)21/01/1999, updated at 16:00        blank.gif (49 bytes)weather.gif (982 bytes)archive.gif (946 bytes)search.gif (947 bytes)

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Support to Economic Growth to Prevent Financial Risk

  *State Development Bank: Governor Chen Yuan said that greater efforts will be made for a restructuring of its credit and loan system. To back infrastructure construction and ensure hi-tech scientific investment be made on a rational big scale no financial support is going to be given to repetitive construction and any project that brings no markets.

  *Industrial and commercial Bank of China: Firms steps will be taken to see to it that various measures be worked out for accelerated reform and new creation. When an annual profit amount of RMB$3.71 billion yuan is created an annual total of RMB$16.4 billion yuan is to be turned to state coffer by the Industrial and Commercial Bank of China.

  *Bank of China: The bank has had unified management introduced as a result of reforms that had been made in 1998. Last year saw a total of RMB$3.522 billion yuan of profits that had been generated. With the deepening of reform for setting up a new banking system new operating ways in promoting the development of financial work in China will be explored.

  *Construction Bank of China: Greater economic efficiency and financial success have been achieved by it. To the bank is a total of RMB$2.21 billion yuan of book account face profits and an actual profit amount of RMB$850 million yuan that had been realized by all branches of the bank throughout China in 1998. In 1999, it will do its utmost in developing the country's infrastructure construction as of highways, railways, telecom. Post, power grid both in town and country etc.

  *Communications Bank: By the end of 1998 it had already experienced a vigorous growth in deposits amounting to RMB$301.46 billion yuan. In the last 11 years, bank deposits by the bank have achieved an annual average growth of 50.51%. In the coming years it will work for a greater financial share in contributing to China's construction.

  

Economicnews 1999-01-21 Page2

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