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Central Bank Governor Urges Commercial Bank Reform
Governor of the People's Bank of China (PBOC) Dai Xianglong said on May 10 that the reform of commercial banks must be accelerated according to law. Speaking at the inaugurating ceremony of the China Association of Banks and a seminar on the 5th anniversary of the promulgation of China's commercial bank law, Dai said that efforts should also be made to further improve the corporate management structure in commercial banks, establish a modern financial enterprise system and develop new businesses.
Dai said that over the past five years the commercial bank law provided legal guarantees for the growth of China's commercial banks, and promoted the reform and development of the country's commercial banks.
He said the law provided a basis for improving China's commercial banking system and protecting the rights of commercial banks in making business decisions. The central bank has ratified the establishment of a number of share-holding commercial banks, city commercial banks, and branches of foreign banks. He said that the central bank has reinforced its supervision over the financial sector in the past five years according to related provisions in the law.
Thanks to the commercial bank law and other related rules and regulations, China's banking sector has been developing steadily. By the end of 1999, total assets of all financial institutions in China amounted to 17.75 trillion yuan, with 12.41 trillion yuan or 70 percent of the total for commercial banks.
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