A source very close to the authorities revealed that relevant departments have approved the reform plan of the China Development Bank (CDB). Accordingly, the CDB will be defined as a commercial bank in the current legal frame, and will mainly solicit medium- and long-term business as well as investment business. In addition, the CDB will evolve a modern corporate system through share rights reforms and eventually be transformed into a stock company.

For more details, please read the full story in Chinese. (http://www.morningpost.com.cn/article.asp?articleid=116766?)

(China.org.cn February 18, 2008)