Since the reform and opening-up, the total assets of China's banking industry have grown from merely hundreds of billions of yuan to over 50 trillion yuan, increasing by more than 100 times, a report issued by the National Bureau of Statistics of China (NBS) on November 10 revealed.
The report said that while total assets grew rapidly, the quality of China's banking industry's assets has also constantly improved. The non-performing loan ratio has dropped from around 30% in 1978 to around 8% now. Among them, the average delinquent loan ratio at state owned commercial banks, which have reformed their shareholder structures, is only around 2%. State owned commercial banks have either reached or are close to meeting international advanced banking standards.
According to the report, "Compared with 30 years ago, the overall strength of China's banking industry has seen a substantial jump in quality." The NBS report states that since reform and opening-up, China's banking industry has seen its organization and system greatly improve with a wider variety of institutions offering better services and functions in a more competitive market.
By People's Daily Online
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