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Financial sector undergoes successful reform: official
(Xinhua)
Updated: 2005-01-30 09:34
China's financial sector has been undergoing very successful reform in the
past 26 years, deputy governor of China's central bank Li Ruogu
said Saturday in Davos, Switzerland.
Before 1978, China had only one bank in its financial sector, but now a
financial system has been established which covers areas like commerce, banking,
securities and insurance, he told a session of the World Economic Forum.
China's financial assets have increased quickly, Li said, adding that its US
dollar reserve has surpassed 600 billion dollars.
Since China's entry into the World Trade Organization (WTO) in 2001, China
has quickened opening-up of the financial sector to honor its commitments.
"Now we have 211 foreign banks in China," said Li, adding that 111 of them
have got the licence to do RMB business, and 72 of them have got the licence to
do local clients' RMB business.
However, China's financial sector is still facing a lot of problems, such as
the very underdeveloped capital market, too much reliance on the indirect
financing, and irregularities in the operation of security office, he
said.
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