Agricultural Bank Improves Business Operations in 2000The Agricultural Bank of China (ABC) announced here Saturday that it made remarkable improvement in its business operations in 2000, with commercial business growing by a large margin.Shang Fulin, president of ABC, said at the bank's annual conference that by the end of last year, ABC's total deposits had increased by 202.8 billion yuan from early 2000, among which saving deposits grew by 93.4 billion yuan, the fastest growth among the four big commercial banks in China. Foreign currency deposits saw a hefty increase of US$1.48 billion, the largest increase ever, Shang added. The ABC extended loans of 183.2 billion yuan last year, 25.7 billion yuan more than that of 1999, among which rural power grid construction loans, individual housing loans, consumption loans and discount loans accounted for more than 50 percent of the total. Loans granted to poverty alleviation projects valued 21.3 billion yuan, Shang added. Moreover, the ABC established a nationwide computer network at the 13 provincial-level branches and completed the construction of a debit card network in 34 provinces and cities in 2000, Shang said. Shang noted that the ABC will increase the total amount of deposits and loans this year, with more loans to support low-risk businesses, power grid construction projects in rural areas, key state projects and agriculture. A total of 15-billion-yuan loans will be earmarked for poverty alleviation this year, Shang added. By 2005, the ABC is set to take a 25 percent stake in the commercial business among four state commercial banks, Shang concluded. |
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