Central bank pleges to continue opening financial market
By Zhang Lu (China Daily)
Updated: 2006-09-22 08:41 China
will continue developing and opening up its financial market, central
bank Governor Zhou Xiaochuan reiterated yesterday.
"We will continue our efforts to develop our financial market and widen it
gradually during the development," Zhou said at the Sino-French Financial Forum
in Beijing.
He said China has made progress in opening up its financial sector.
By the end of June, 71 overseas lenders had set up 214 branches in the
country able to conduct corporate renminbi business in 25 cities.
A total of 26 overseas financial institutions had invested in 18 Chinese
banks, with a combined investment of US$17.9 billion.
In addition, 23 foreign-invested fund management joint ventures and eight
foreign-invested brokerages had been established by the end of June.
And 42 overseas institutions had been approved to invest in China's A-share
market under the qualified foreign institutional investor programme, Zhou told
the forum.
The country will allow overseas lenders to deal with renminbi retail business
at the end of this year in line with its World Trade Organization (WTO)
commitment.
The banking regulator is currently working out the administrative rules on
foreign banks.
While observing its WTO commitment, the country will also adopt opening and
reform measures to meet the needs of market development, he said.
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