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The financial restructuring of China's big four state-owned commercial banks is near to completion, according to Chairman Liu Mingkang of the China Banking Regulatory Commission (CBRC).
The big four -- the Agricultural Bank of China (ABC), China Construction Bank (CCB), Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC) -- own more than 53 percent of the total assets in the country's banking industry, Liu said at a round table conference over the weekend.
Up to the end of September, Chinese banks with adequacy ratio reaching 8 percent owned 71.4 percent of the total assets in the banking industry, compared with 44 percent a year ago, said the CBRC chairman.
Liu attributed the improvement to the introduction of qualified strategic investors and preparations for going public, saying it made the country's financial reform and restructuring fruitful.
Liu defined the cooperation with foreign banks in the process as of immense influence, saying that the stake taking by foreign banks would help end government financial support to the commercial banks in financial restructuring.
Foreign investors are particularly helpful in promoting corporate governance and management of Chinese banks, Liu said, adding the big four had invited a dozen international professionals to hold important posts in the boards of directors or special committees of the banks.
(Xinhua News Agency October 31, 2005)
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