Home Business China International Culture��Edu Sci��Tech Sports Life Travel P
hotos
��Search
China Observer
�� China is entering a post-GDP era
�� Transformation of the ideal Chinese woman
�� Mainland China's richest man retains the discipline of a student
Photos
�� Saxophone on the streets
�� HK: Wanchai Book Festival
�� China joins Galileo Project
Find Suppliers Trade Leads Company Directories Product Directories China
Products China Suppliers Hot Products Hot Buys New Products Search by
Country Trade Shows
��Home>>
Banking reform to continue despite scandals, central bank official
www.chinanews.cn 2005-03-10 14:17:30
(Source: Xinhuanet)
BEIJING, March 10 - A Chinese central bank vice-governor noted Thursday
the vital reform of state-owned banks will not postpone despite scandals
in recent years including a Bank of China (BOC) fraud case that
reportedly involve as much as one billion US dollars.
"The reform will be advanced as scheduled," Guo Shuqing, also amember of
the National Committee of the Chinese People's Political Consultative
Conference (CPPCC), said in an interview with Xinhua on the sidelines of
the top advisory's annual session.
The head of the BOC's Hesongjie sub-branch in Harbin, capital of China's
northernmost Heilongjiang province, embezzled a hefty amount of deposits
from a local highway company and then disappeared in January this year.
"The BOC runs fairly well, but its supervision over operations at
grass-root level branches are not in place," said Qin Chijiang,deputy
secretary-general of the China Financial Association.
Some people capitalized on the "weak links" in banking reform to commit
crimes and pursue their own interests, acknowledged Qin,a deputy to the
National People's Congress, China's parliament.
China initiated the latest, ambitious reform on the financial system at
the end of 2003 when the central government injected a combined 45
billion US dollars into the BOC and CCB to help boost their capital base.
They have both become joint-stock banks and are negotiating with
potential strategic investors, who will acquire their shares and help
streamline their operation. The BOC and CCB are both aiming for stock
market debuts.
It is "astonishing" to see the fraud case happen on the BOC, a bellwether
on the reform, Guo Shuqing said.
In some sense the case is not a "bad thing", however, he said. "The
uncovering of the BOC case shows directly that the banking reform has
made certain achievements. The progress of reform has made scandals
unable to hide anywhere."
He noted pilot reform of Bank of China (BOC) and China Construction Bank
(CCB) had been "basically smooth" over the past year. "The progress is
fruitful and in line with our expectations."
Governor Zhou Xiaochuan of the People's Bank of China, or the central
bank disclosed earlier that stock market listings are "notfar away" for
the BOC and CCB.
He said the Industrial and Commercial Bank of China (ICBC) and
Agricultural Bank of China (ABC), the other two state banks, wouldalso
push on the joint-stock reform by taking advantage of experience from the
BOC and CCB.
But Zhou did not reveal how much the central government would into the
ICBC and ABC and where the funds would come from.
E-mail: zhangqinghua@chinanews.com.cn Tel: 8610-88387443 Fax:
8610-68327649
Copyright� 2004 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
Disclaimer: viewpoints in the website do not represent China News Service
Learn Chinese, Learn mandarin, Learning Materials, Mandarin audio lessons, Chinese writing lessons, Chinese vocabulary lists, About chinese characters, News in Chinese, Go to China, Travel to China, Study in China, Teach in China, Dictionaries, Learn Chinese Painting, Your name in Chinese, Chinese calligraphy, Chinese songs, Chinese proverbs, Chinese poetry, Chinese tattoo, Beijing 2008 Olympics, Mandarin Phrasebook, Chinese editor, Pinyin editor, China Travel, Travel to Beijing, Travel to Tibet
No comments:
Post a Comment