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 | Thursday, April 20, 2000, updated at 14:07(GMT+8) | ||||||||||||
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Official Says No Plans to List Chinese Banks AbroadChinese central bank official Xie Ping confirmed on April 19 that at present, no information has been received about any plans for state-owned commercial banks to go public abroad.Xie, director of the Financial Study Bureau of the People's Bank of China, also dismissed the possibility that Chinese commercial banks will be extended into securities or other financial service industries under the current legal framework, the China Securities has reported. The newspaper quoted Xie as saying at the Beijing Business Summit 2000 that positive results have been achieved in the handling of debts and other bad assets already separated from banking business. But he still warned that Chinese banks should continue and further their reforms and prevent new bad loans and assets from appearing, to prepare for the new situation that will arise after China enters the WTO. He suggested that Chinese banks take effective measures to attract senior management talent, particularly Chinese students abroad, to deal with human resources challenges, and to improve management and amend relevant laws and regulations. He said the central bank is considering necessary modifications of current financial laws and standards for evaluating the performances of the four major state-owned commercial banks.
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