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Foreign-funded banks play big role
(Xinhua)
Updated: 2005-10-10 08:45
Foreign-funded banks have become an important part of China's banking
industry, Vice President of the China Banking Regulatory Commission Tang
Shuangning said here Sunday.
Tang told a Sino-Japanese Economic Forum Sunday that by the end of June, the
number of outlets of foreign-funded banks totaled 225 and that of their
representative offices, 240. Their assets amounted to 79.6 billion US dollars.
Both the business volume and the market share of the foreign-funded banks
keep expanding, Tang said. They offer customers over 100 kinds of products.
China's banking industry opened to foreign businesses in 1981. So far, 19
overseas financial institutions have owned stakes in 16 Chinese banks, including
state-owned and joint-stock banks, as well as local commercial banks, with their
total investment amounting to 16.5 billion US dollars.
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