|
|
 |
Business | ||||||||||||
|
Chinese Financial Institutions Preparing for Comprehensive ServicesChinese financial institutions will be permitted to engage in various financial transactions under unified supervision in the future, but the principle on operating in the lines of banking, securities and insurance will remain unchanged at present, a senior official said.Xia Bin of the People's Bank of China, the central bank, said, however, that the general trend is toward unified supervision of financial institutions offering comprehensive services. At present, Chinese financial institutions are divided into the categories of banking, securities, insurance, and others, and different categories have different regulators. As China seeks entry into the World Trade Organization (WTO), the financial sector should prepare itself for the coming challenges, said Xia, who is in charge of supervision of non-bank institutions at the central bank. Irregularities should be eliminated and supervision strengthened, with new and comprehensive laws and regulations. Currently, the separate operations of banking, securities, and insurance must remain unchanged, he said, but added that experiments could be made within the present system. For instance, insurance companies could be allowed access to the stock market, and securities firms to the inter-bank market.
 In This Section 
| ||||||||||||
| ||||||||||||||||||||||||||||
| Copyright by People's Daily Online, all right reserved | | Mirror in U.S. | Mirror in Japan | Mirror in Edu-Net | Mirror in Tech-Net | |
