World Bankers Meet in Shanghai 　　China plans to establish a supervisory committee for the State-owned commercial banks, Dai Xianglong, governor of the People's Bank of China (PBOC), said yesterday. 　　The move is one of the measures to enable Chinese banks to become more competitive as more foreign banks are licensed to conduct business in China, Dai said at the Bank of International Settlements (BIS) meeting. 　　A number of local branches of State-owned banks may be closed to reduce costs and make them more effective in management. 　　The BIS meeting, hosted by PBOC, China's central bank, discussed the overall global financial situation and the problems to be dealt with. 36 governors from central banks and banking authorities of foreign countries and regions, attended the meeting. 　　Dai said the Chinese government will maintain its stance of keeping the renminbi stable, said Dai. 　　He said whether the stability of the renminbi can be assured will be based on the market's supply and demand. So far, China has sustainable economic growth, a stable balance of exports and imports and rising foreign investment inflow, which have greatly eased the pressure on the need for devaluation. 　　China will continue an active fiscal policy in an effort to help spur economic growth. 　　The Chinese government will attach great importance to and will step up efforts to further the reform of Chinese financial systems, Dai said. 　　In the first half session of yesterday's meeting, the central bankers of a "Group of 10" discussed issues of mutual concern. 　　 Economicnews 1999-07-13 Page2 Full Story in Chinese