Others News
- Conferences yield reforms
Date: 23-Jan-2007 Sources: (People's Daily)
China's financial sector has witnessed great changes since the first national financial work conference was held in 1997. The following are major events that have taken place since.
1998: The Ministry of Finance issued 270 billion yuan ($34.6 billion) in special treasury bonds to recapitalize the 'Big Four' State-owned banks. In November, the China Insurance Regulatory Commission was established.
1999: Four asset management companies were set up to take over non-performing assets of the 'Big Four'.
2002: In November, the Qualified Foreign Institutional Investor system was introduced.
2003: In April, the China Banking Regulatory Commission was established. In September, Bank of China and China Construction Bank were approved to experiment with share-holding restructuring.
2004: In December, the insurance industry was fully opened to foreign players.
2005: In July, the foreign exchange rate regime was revamped.
2006: In December, the banking industry was fully opened to foreign banks.
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