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China to deepen financial reform: vice premier
(Xinhua)
Updated: 2004-09-01 21:20
Chinese Vice Premier Huang Ju said Wednesday that China is deepening reform
in financial sector and welcomes foreign financial corporations to expand
business in the country.
While meeting with Michael Tilmant, chairman of ING Group, Huang said that in
recent years China has kept good momentum in reforming the financial sector,
including insurance.
Since its access to the World Trade Organization (WTO), Huang said, China has
actively opened up its financial sector in accordance with its WTO commitment.
Huang praised ING Group, as an international financial service provider, for
its management experience and risk-control capability. He said the Chinese
government welcomes foreign financial companies, including ING, to expand
business in China.
Tilmant said his company attaches great importance to the business
development on the Chinese market and is concerned about the reform in the
financial sector. He said ING will cooperate more with Chinese partners.
While meeting with Kennedy Thompson, chairman and chief executive officer of
Wachovia Corporation, Huang briefed him on the reform and latest development of
China's financial sector.
Bank of China is restructuring itself, aiming for sufficient capital, strict
management, safe transaction, quality service and good commercial returns, Huang
said. This is a vital part for the overall reform of China's financial sector.
Huang valued the cooperation between Wachovia and Chinese financial
companies. He hopes Wachovia will continue to play an active role in making the
Chinese financial sector more open to the outside world.
Thompson said Wachovia will explore new ways to cooperate with its Chinese
partners.
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