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Foreign Banks Encouraged to Set up Branches in Western China
China encourages foreign banks to set up branches in its central and western areas, said Dai Xianglong, Governor of the People's Bank of China, at a press conference Wednesday.
To support economic development in the western part, Dai said, PBOC will lower the requirements for foreign banks when they set up branches in these area.
The governor also noted that the central bank is considering setting up a bank with Chinese and foreign joint investment to specially serve the development of the western part.
"If there is viable proposal, we will further study it," said Dai.
However, he denied the possibility of setting up a solely state- owned bank to this end, saying that China has already had State Development Bank, which can set up a department to serve the purpose.
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