China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: hui zhou who wrote (5774)	3/14/2006 9:21:15 PM
From: RealMuLan	Read Replies (1) of 6370

{This is good news]--China premier says state to retain control of banks - UPDATE 03.14.2006, 12:10 AM BEIJING (AFX) - Premier Wen Jiabao said the state will maintain control of the country's major banks, warning of the danger of 'stripping' state-owned assets. 'The state must take a dominant controlling share in the state-owned commercial banks in order to keep the economic lifeline of the country in state hands and fend off financial risks,' Wen said at a news conference at the end of the annual meeting of China's parliament. ''We need to step up internal controls, regulation and supervision in order to prevent the stripping of state-owned assets,' he added. The premier also said that the country was open to experimentation. 'We also believe that we need to explore various and multiple formats of realizing public ownership,' Wen added. He did not specifically comment on whether the country's regulators would permit the sale of a majority stake in Guangdong Development Bank to Citigroup Inc. A consortium led by Citigroup is vying against a consortium led by Societe Generale for majority control of the troubled financial institution. Foreign investment in local banks remain capped at 20 pct by any single financial institution. Total foreign investment in any local bank may not exceed a combined 25 pct. Authorities are considering making an exception for the Guangdong lender due to its considerable financial problems. China has sold minority stakes to overseas investors in three of the country's big four banks -- the Industrial and Commercial Bank of China, China Construction Bank and Bank of China. China is trying to make its banks more competitive as it opens the sector to foreign competition in line with its commitments to the World Trade Organization. cm/tr forbes.com

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