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Strategies & Market Trends : True face of China -- A Modern Kaleidoscope -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (259)	9/21/2006 5:19:54 PM
From: RealMuLan	Respond to of 12464

Financial institutions to have new growth opportunities: central bank www.chinaview.cn 2006-09-21 23:43:31 news.xinhuanet.com BEIJING, Sept. 21(Xinhua) -- Chinese and foreign financial institutions will discover new growth opportunities as the interim period following China's accession to the World Trade Organization draws to an end, said Zhou Xiaochuan, governor of the People's Bank of China here Thursday. Addressing the First China-France Finance Forum, Zhou said to enhance corporate governance and management of the country's commercial banks, China will unswervingly push forward the reform of the financial industry and open the industry wider to the world. Official statistics show that at the end of June this year, 71 foreign banks had set up 214 operations in China and are permitted to run Chinese currency businesses in 25 cities. 26 overseas financial institutions hold 17.9-billion-dollars worth of shares in 18 Chinese banks. In addition, there are 23 joint venture fund management companies and 8 joint venture securities companies. 42 overseas institutions have acquired QFII (qualified foreign institutional investor) status. Zhou said China has fully honored its commitments to the WTO to open its financial market. China has eased limits on capital inflow-outflow periods and made it easier for QFIIs to open accounts and make investments. He also said China and the European Union should strengthen cooperation in the financial field. The European Union is China's largest trade partner and technology provider as well as the fourth largest provider of foreign investment. Enditem