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China Has 191 Operational Foreign Financial Institutions
A total of 191 operational foreign financial institutions with gross assets of US$34.434 billion had been set up in China by the end of last year. Their loan of foreign currencies had taken up 23.4 percent of the sum total of domestic financial institutions, said Wu Xiaoling, deputy governor of People's Bank of China, at the "World Economic Forum & 2001 China Business Summit" on Wednesday.
She said that the past 20 years have seen a prudent, planned and gradual opening of the Chinese banking industry to the world. Among the said 191 operational foreign financial institutions, 158 are branches of foreign banks, 20 foreign financial institutions registered in China, and 33 approved of dealing with RMB business. Foreign banks have become an important force in the Chinese financial system.
At the same time, Chinese financial institutions also have set their eyes on the world market. Chinese commercial banks had established 68 operational institutions abroad with assets totaling US$156.5 billion by the end of last year.
Wu indicated that China would accelerate the opening of the banking industry along with China's imminent entry into the WTO.
By PD Online staff member Deng Gang
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