Banking News
- China to commercialize policy banks
Date: 22-Jan-2007 Sources: (Xinhua Online)
The China Development Bank (CDB), one of China's three policy banks, will take the lead in commencing commercial operations, Xinhua learned from the Third National Financial Work Conference which closed on Saturday.
This is the first time China has officially announced the reform of policy banks, which also include the Export and Import Bank of China and the Agricultural Development Bank of China.
CDB's commercial operation will focus on middle and long-term business, said Chinese Premier Wen Jiabao at the meeting.
Public bidding will be introduced into the financial business previously commissioned by the government to policy banks.
The reform measures for the three policy banks will be made in line with the particular conditions of the three policy banks.
China will also promote reform of other commercial banks and financial asset management companies when the time is right, said Wen.
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