Banking News
- CBRC encourages foreign banks in China to go corporate
Date: 26-Mar-2007 Sources: (People's Daily)
China will encourage foreign banks to establish themselves as corporate banks registered in China or convert their existing subsidiary branches to corporate banks, according to a report on the opening up of the Chinese banking industry released by the China Banking Regulatory Commission (CBRC) on Thursday.
This will promote the development of foreign banks in China, benefit Chinese savers, and is in line with international trends.
To meet the needs of developing foreign-funded banks in China, China will implement a corporate bank oriented policy. Foreign banks will be free to choose their commercial presence according to their business strategies.
The report says that China will continue to fulfill its commitments to the WTO, and further open its banking industry. As part of its commitment to revitalizing the northeast of the country, developing the west and strengthening the center, China will encourage foreign banks to open businesses in those areas by offering preferential policies on business operations and market access.
China will continue to support foreign-funded banks in directly establishing subsidiary banks in China, and perfect the policy of allowing suitable external financial institutions to invest in and share in Chinese-funded banks.
According to statistics, to date, 12 foreign-funded subsidiary banks have been authorized to convert to foreign-funded corporate banks.
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