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 | Thursday, April 27, 2000, updated at 16:09(GMT+8) | ||||||||||||
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90 Commercial Banks Established in Cities in ChinaBy the end of 1999 there are as many as 90 commercial banks that have been formed in Chinese cities according to reports from an on-going symposium targeting at building up China's finance industry. Sources say a combined total of 550 billion yuan of assets have come to be claimed by these banks currently run with a deposit balance of 450 billion and 270 billion balance of loans.Commercial banks are an inseparable part of China's finance industry in cities, especially when after the country's entry into WTO, Governor Dai Xianglong of the People's Bank of China lately said. Meanwhile he stressed that China needs large, medium- and small-sized banks to be formed at various levels and for their development in China full support will be provided by the People's Bank of China. Dai Xianglong also spoke about relevant policies by the People's Bank of China in giving support to the country's commercial banks in cities. Under the present circumstances, as handicapped by a lack of capital for commercial banks to back up the development of medium- and small-sized enterprises in China, he said, the People's Bank of China will increase loans to guarantee their payments to ensure the stability of the country's financial market. Dai also expressed his confidence that the development momentum of commercial banks in Chinese cities will make big strides ahead, following launching of China's 10th Five-year Plan and the country's de facto entry into WTO. Commercial banks in China fall into the category of shareholding banks built of former credit cooperatives formed in Chinese cities since 1995.
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