China's State Council held an executive meeting Wednesday, to
examine and approve in principle the draft of the regulations on
the administration of foreign-funded banks.
The formulation of the regulations is aimed to meet the
requirements of China's opening to the outside world and economic
growth as well as to strengthen and improve the supervision and
administration over foreign-funded banks and for the stable
operation of the whole banking industry in the country, according
to the meeting.
The meeting, which was chaired by Premier Wen Jiabao, also
studied the issue of readjusting and regrouping state-owned
companies.
The participants agreed that the country has made major
breakthroughs in reforming the managerial system of state-owned
enterprises. They called the readjustment and regrouping of
state-owned firms "a major task for the country's economic
reform."
(Xinhua News Agency November 9, 2006)