久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

   
  home feedback about us  
   
CHINAGATE.OPINION.Finance    
Agriculture  
Education&HR  
Energy  
Environment  
Finance  
Legislation  
Macro economy  
Population  
Private economy  
SOEs  
Sci-Tech  
Social security  
Telecom  
Trade  
Transportation  
Rural development  
Urban development  
     
     
 
 
IPO will assist overall reform of banking sector


2006-07-12
China Daily

On July 5, when the Bank of China (BOC) launched its initial public offering (IPO) on the Shanghai Stock Exchange, the market reacted warmly and pushed its stock prices high above its original price.

BOC's listing on the A-share market has a significance that cannot be overstated.

The listing, coming soon after the government lifted its year-long ban on IPOs in May, is valuable both to the development of BOC and the overall fortunes of the domestic stock market.

Individual and institutional investors at home and abroad have carefully analyzed BOC's investment value, pointing to its numerous advantages, including a higher income from intermediary businesses than its competitors, as well as its long history as a well-known brand.

However, judged in terms of its business model, market competence and corporate governance, BOC differs little from other State-owned banks that have yet to go public or get listed on overseas capital markets.

Instead of simply buying BOC stocks, investors who purchase BOC shares are in fact trying to make inroads into China's banking industry.

A number of factors have attracted these investors  China has a booming financial market and good economic prospects, while Chinese banks have an extensive network of branches and some have established strategic partnerships with strong allies.

On the whole, China's banking sector is very appealing.

This charm is mainly a result of government support, the ongoing reform of the financial sector, the Chinese economy's bright prospects and strict controls over entry to the banking sector.

It is this charm that results in the high value of bank shares, rather than the strengths of any particular bank.

Therefore, given the fact that BOC and several other lenders have gone public, it is time for them to find their own value.

To this end, banks should stop depending on external factors such as preferential policies and government support in the disposal of non-performing assets.

State-owned banks, including BOC, should instead take steps to improve their internal management and corporate governance.

When they become more profitable, these banks will turn themselves into more valuable assets on the capital market.

Although this task will not be an easy one, it is certain to pay rich dividends, and it is certain to change both the State-owned banks and the nation's banking industry.

As a matter of fact, BOC's advantages are not as solid as they appear to be in investors' analyses.

BOC admittedly has an edge over other banks in terms of trade and foreign exchange, but this edge simply comes from a specialization designated under the planned economy.

This specialization is now a source of great risks for BOC.

BOC's trade-related business is now a major source of its non-performing assets. Its heavy reliance on foreign exchange has also exposed BOC to huge risks in terms of exchange rate fluctuations.

And BOC's well-known network of overseas branches does not contribute much to its profits.

Apart from BOC Hong Kong, the only purpose most of these subordinate organizations serve is to publicize BOC in overseas markets.

BOC devoted a considerable part of its IPO prospectus to explaining the bank's frequent criminal cases in recent years. This indicates improved transparency.

These cases did not take place without good reason. BOC opened its renminbi retail business much later than other banks in China, making it less capable of controlling risks and finding its position in the market.

Even its great advantages in trade and foreign exchange are not insurmountable. For example, in Suzhou, Jiangsu Province, the Agricultural Bank of China has already beaten BOC in terms of foreign exchange business.

BOC's IPO on the Shanghai Stock Exchange was a milestone in the reform of State-owned banks. It also offers an important starting point.

BOC's IPO should not be regarded as an invitation for the public to share in its monopoly profits, but rather as a measure to encourage more investors to take part in the reform of China's financial sector.

Investors are encouraged to play their due role in supervising BOC's corporate governance, urging it to improve its management, enhance business transparency and increase its profitability.

The capital market is the engine propelling BOC towards further reform. It will no longer need governmental support to brighten up its balance sheets. Instead, it will gain profitability as it creates value for its clients. As a result, it will win increased value on the stock market.

In this process, BOC will be more efficient in the allocation of its resources, the banking industry will have improved risk controls, and the money the public entrusts to the financial sector will be better used.

As a result, BOC, the financial sector and the country all benefit. That is the target of reforming State-owned banks and it is also the incentive for financial reform.

The author Ba Shusong is deputy director of the Institute of Finance with the Development and Research Centre under the State Council.

 
 
     
  print  
     
  go to forum  
     
     
 
home feedback about us  
  Produced by www.ttav89.com. All Rights Reserved
E-mail: webmaster@chinagate.com.cn
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    亚洲欧美经典视频| 肉丝袜脚交视频一区二区| 91一区二区三区在线观看| 亚洲美女视频在线| 欧美日韩一级黄| 毛片基地黄久久久久久天堂| 国产香蕉久久精品综合网| 成人精品国产免费网站| 亚洲精品成人在线| 欧美精品日韩一区| 国产成人综合精品三级| 一区二区三区四区在线免费观看| 欧美精品久久久久久久久老牛影院| 久久99精品久久久| 国产精品全国免费观看高清 | 亚洲高清免费视频| 精品精品国产高清a毛片牛牛| 国产成人免费视频精品含羞草妖精| 亚洲国产高清在线| 欧美视频完全免费看| 国产一区二区三区久久久| 亚洲欧美日韩中文字幕一区二区三区 | 综合中文字幕亚洲| 欧美精品v日韩精品v韩国精品v| 精品一区二区在线视频| 国产精品久久久久一区二区三区| 欧美日韩精品欧美日韩精品一 | 中文字幕欧美日本乱码一线二线| 欧美亚洲一区二区在线| 国产一区日韩二区欧美三区| 亚洲老司机在线| 精品久久久久一区二区国产| 色综合久久久久| 久久99热这里只有精品| 亚洲精品中文字幕乱码三区| 精品欧美一区二区三区精品久久 | 欧美电影在哪看比较好| 懂色av一区二区三区免费观看| 亚洲国产一区二区视频| 国产午夜久久久久| 欧美日韩国产综合一区二区| 国产**成人网毛片九色| 无码av中文一区二区三区桃花岛| 国产精品色哟哟| 欧美成人官网二区| 欧美优质美女网站| 国产99久久久国产精品潘金网站| 天堂久久久久va久久久久| 国产精品视频麻豆| 精品国产欧美一区二区| 欧美制服丝袜第一页| 国产成人精品免费| 久久国产精品一区二区| 亚洲激情第一区| 欧美高清在线视频| 欧美成人一区二区三区在线观看| 欧美在线观看一二区| 成人av电影在线网| 国产麻豆精品一区二区| 日本欧美一区二区三区乱码| 亚洲一二三四久久| 亚洲欧洲日韩在线| 国产视频不卡一区| 精品av综合导航| 欧美群妇大交群的观看方式| 色综合天天视频在线观看| 成人性色生活片免费看爆迷你毛片| 男人的天堂久久精品| 亚洲一级片在线观看| 亚洲日本电影在线| 欧美激情一区二区在线| 久久综合久久综合亚洲| 欧美一区二区三区四区视频 | 精品免费视频.| 91精品在线麻豆| 欧美三级中文字| 在线亚洲免费视频| 91麻豆国产精品久久| thepron国产精品| 国产传媒欧美日韩成人| 国产一区二区调教| 久久成人精品无人区| 天堂午夜影视日韩欧美一区二区| 一区二区三区日韩精品视频| 亚洲欧美怡红院| 亚洲日本成人在线观看| 日韩美女啊v在线免费观看| 国产精品毛片大码女人| 欧美国产精品一区| 中国色在线观看另类| 国产午夜亚洲精品理论片色戒| 久久人人97超碰com| 精品动漫一区二区三区在线观看| 精品久久一二三区| 久久在线免费观看| 久久精品一区蜜桃臀影院| 精品88久久久久88久久久| 精品久久久久一区| 久久精品一区二区三区四区| 久久久99精品久久| 国产欧美日韩亚州综合| 欧美国产综合一区二区| 中文字幕在线播放不卡一区| 亚洲同性同志一二三专区| 亚洲日本va午夜在线电影| 亚洲乱码日产精品bd| 亚洲综合视频网| 天天爽夜夜爽夜夜爽精品视频| 五月综合激情网| 美日韩一区二区| 国产一区三区三区| 成人性视频免费网站| 色综合视频在线观看| 欧美视频一二三区| 日韩欧美黄色影院| 久久一日本道色综合| 国产精品亲子伦对白| 国产精品福利一区| 亚洲制服丝袜在线| 青青草国产成人av片免费| 久久99精品国产麻豆婷婷| 国产白丝精品91爽爽久久| 99久久精品免费看| 欧美日韩一二区| 精品久久久久久久久久久久包黑料| 国产亚洲欧美日韩俺去了| 一区视频在线播放| 午夜久久久久久久久久一区二区| 青青草国产精品97视觉盛宴| 国产电影一区在线| 99精品1区2区| 欧美日本乱大交xxxxx| 精品理论电影在线| 国产精品国产精品国产专区不蜜| 亚洲综合在线电影| 久久99精品一区二区三区| 成人免费视频免费观看| 在线观看视频91| 日韩免费视频线观看| 国产精品福利在线播放| 五月天网站亚洲| 高清久久久久久| 欧美日韩在线亚洲一区蜜芽| 精品久久久久久久久久久久包黑料 | 亚洲欧美日韩国产手机在线 | 久久久另类综合| 亚洲男人的天堂网| 免费精品99久久国产综合精品| 国产成人在线观看| 欧美视频一区二区三区四区 | 国产午夜精品一区二区三区四区| 亚洲男人的天堂在线观看| 美国一区二区三区在线播放| caoporn国产精品| 7777精品伊人久久久大香线蕉经典版下载 | 最新高清无码专区| 免费观看在线综合| a美女胸又www黄视频久久| 91精品国产综合久久久久久漫画 | 亚洲四区在线观看| 日韩成人一级大片| aa级大片欧美| 日韩欧美综合一区| 亚洲美女免费在线| 国产精品一区二区在线观看不卡| 在线观看区一区二| 国产三区在线成人av| 亚洲成av人影院| 成人精品电影在线观看| 欧美一卡2卡3卡4卡| ●精品国产综合乱码久久久久 | 欧美伊人久久久久久久久影院| 久久久五月婷婷| 亚洲mv大片欧洲mv大片精品| 成人深夜在线观看| 欧美成人乱码一区二区三区| 亚洲一区视频在线观看视频| 风间由美一区二区三区在线观看| 7777精品伊人久久久大香线蕉完整版 | 偷窥少妇高潮呻吟av久久免费| 床上的激情91.| 精品少妇一区二区三区免费观看| 亚洲小说欧美激情另类| 东方aⅴ免费观看久久av| 日韩一级二级三级| 亚洲资源中文字幕| 99久久久久久99| 国产亚洲午夜高清国产拍精品| 日韩电影在线免费看| 欧美伊人精品成人久久综合97| 国产精品免费aⅴ片在线观看| 激情另类小说区图片区视频区| 欧美日本韩国一区二区三区视频| 亚洲欧美一区二区三区极速播放| 国产iv一区二区三区| 26uuu精品一区二区在线观看| 奇米777欧美一区二区| 欧美日韩一区二区三区高清| 亚洲精品午夜久久久| av电影一区二区|