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Overseas banks have become an important component of China's financial system which is being opened gradually to foreign investors, said the Chinese banking regulatory body yesterday.

Overseas banks have become an important component of China's financial system which is being opened gradually to foreign investors, said the Chinese banking regulatory body yesterday. [Xinhua]

The China Banking Regulatory Commission held a conference with executives from overseas banks on the Chinese mainland yesterday in Shanghai, discussing issues concerning regulatory, business opportunities and potential risks.

"The most valuable contribution overseas banks have made to the Chinese banking industry is the advanced corporate governance and management skills that they have brought in," said Liu Mingkang, chairman of the CBRC.

He also encouraged foreign bankers to make equity investment in home-grown lenders in a bid to be more deeply involved in the reform and opening up of the Chinese banking sector.

The CBRC will also strengthen supervision of the operations of overseas lenders on the Chinese mainland which have been flooding into the almost untapped but potentially huge market.

"This is a valuable meeting which is very welcomed by foreign banks in China," said a senior official of Standard Chartered Bank China."The CBRC has outlined foreign banks' roles in the nation. We talked about some important issues and it is clear that for the present time, a foreign bank in China is more important than ever before."

Overseas banks have set up 184 subsidiaries and 211 representative offices on the Chinese mainland by the end of last month, reported the CBRC.

China will open another four mainland cities - Jinan, Fuzhou, Chengdu and Chongqing - to overseas lenders to start renminbi banking business by December 11 under its commitment to the World Trade Organization, said the CBRC. By then, foreign lenders will be allowed to transact renminbi banking service in 11 mainland cities.

In addition, the banking watchdog signed a memorandum with the Hong Kong Monetary Authority yesterday in Shanghai, its second such deal the CBRC has signed with an overseas banking regulatory body since its establishment in April.

The CBRC and its Hong Kong counterpart will cooperate to oversee the operations of banks and representative offices in each other's places.

The CBRC has received applications from Hong Kong banks which plan to penetrate the mainland banking market, enjoying preferential policies under the Closer Economic Partnership Arrangement signed by the Chinese mainland and Hong Kong in June.

The CBRC signed a similar memorandum with the Monetary Authority of Macau last Friday.

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