Bigger stage for foreign banks in Guangdong
( 2003-11-18 15:55) (China Daily HK Edition)
Guangdong expects foreign banks to play an even bigger role in the province's
economic development in the next few years.
Guangdong Vice-Governor Song Hai said yesterday that CEPA (closer economic
partnership arrangement), that will come into effect next year, will offer a
bigger stage and more opportunities for overseas banks to participate in
Guangdong's progress.
The province has many big infrastructure projects - including airports, the
metro, ports, expressways, railway network, power plants and telecommunication
facilities - seeking foreign financial support and Sino-foreign joint financing,
Song said at a work conference on expanding co-operation with foreign banks
yesterday.
In Guangzhou alone, between 15 billion yuan (US$1.81 billion) and 20 billion
yuan (US$2.41 billion) is being invested in infrastructure every year.
Song said Guangdong would continue to introduce more preferential policies to
help attract foreign banks to set up their branches and representative offices
in Guangdong; and create a better environment for them.
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