China to Allow State-Owned Banks to Go Public

China will gradually restructure its state-owned commercial banks into shareholding banks and allow them to go public on domestic and foreign stock markets, a senior bank official has said.

Liu Tinghuan, vice-governor of the People's Bank of China, the country's central bank, made the remarks Thursday at a financial workshop in Shanghai.

Before they become public firms, Liu said it is essential that the state banks set up a profit-centered mechanism by reforming their corporate governance structure in accordance with provisions of the corporate law and the law on commercial banks.

The government also supports these banks in strengthening capital resources through the issuing of financial bonds, Liu said.

People's Daily Online --- http://english.peopledaily.com.cn/