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Thursday, April 13, 2000, updated at 16:25(GMT+8)
Business  

People's Bank of China Encourages Listing of Stock Commercial Banks

In a recent report on the objective worked out for the reform, development and supervision of stock commercial banks (SCB), the People's Bank of China (PBOC) states that it will encourage the medium-and-small financial institutions including SCBs to expand their market shares by dint of combing, merging, reorganizing and listing. So they ill be able to realize the full revelation of information to the public by stock commercial banks within 3 years.

PBOC has decided to improve and standardize the administration structure of SCBs as governed by legal persona and carry out an effective and prudent supervision over them within two to three years. This includes the strengthening of the capital management and the supporting of capital expansion by means of increasing capital or stocks, listing and raising funds as well as issuing bonds. Based on the market demand they are encouraged to make financial innovation to tap new businesses on the premise of lawful and steady business operation. And according to the market principle they are encouraged to resort to merging, reorganization or business combination in order to give full play to scale economy, thereby increasing the capability for resisting risk and enhance the competitiveness as a whole.

Meanwhile, PBOC will further improve the laws and regulations on financial supervision, establish the electronic system of non-on-the-spot supervision and control of banking business, standardize and strengthen the on-the-spot check, tapping the way for setting up the credit grade assessment system to be applied on SCBs.

At present, China has ten SCBs including Communications, Everbright, China Trust (share system transformation is yet to be finished), Huaxia, Minsheng, Merchants, Shenzhen Development, Guangdong Development, Pudong Development and Xingye. By the end of last year, these ten banks had total assets of 1457.758 billion-yuan, 4,657 business spots, and 94,859 employees, realizing a total profit of 9.433 billion yuan or a per capita profit of 99.4 thousand yuan.




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The People's Bank of China states that it will encourage the medium-and-small financial institutions including SCBs to expand their market shares by dint of combing, merging, reorganizing and listing.

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