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|Thursday, March 29, 2001, updated at 13:54(GMT+8)|
China to Have Test Civilian-run BanksThe time is ripe now for China to have test civilian-run banks, said Professor Xu Dianqing, head of the Great Wall Financial Research Institute when he clarified a recent hearsay about new developments of banking service in China. He said that authoritative departments concerned have never ceased their research work on developing civilian-run banking service in China and that there is already a Study Report by over 50 Chinese experts to that end has been submitted to the high-ups for approval.
Xu reiterated that China has its focus at present on developing test civilian-run banks. Instead of private banks, new types of civilian-run joint-stock banks and a modern banking system are to be developed for the country already has had enough lessons from old-style money houses in the past. He defined the country's civilian-run banks as those that must rest on a sound property right, bank capital and corporate management structure, exclusively civilian capital run, market oriented, and serve non-government enterprises. Of these, according to Xu, to establish a modern banking system is most important and indispensable for civilian-run banks. He said, the principle defined for units experimenting on setting up civilian-run banks is that the stock right of every unit should not exceed 8 percent. A directorate system will have to be established to ensure multivariate stock rights and public information, and to separate government function from enterprise management.
Xu specifically pointed out that China will have over 300 civilian-run banks in the future. According to an investigation made of banking service in 107 countries, China stays still at a medium level and takes quite poor scores on account of its financial supervision and management level and of its ability in exercising market control and supervision over banks. So China is thought not at a time to introduce civilian-run banking service on a full national scale.
By PD Online staff member Huang Ying
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