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BIZCHINA / News
Financial stability in regions improved
By Zheng Lifei (China Daily)
Updated: 2007-08-01 08:27
China's regional financial stability has generally improved in 2006
thanks to robust economic growth, a central bank report said yesterday.
The vibrant economies in the east, central, west and northeast parts of
the country, which grew 17, 16, 18 and 15 percent year-on-year
respectively last year, have laid the foundation for regional financial
stability, the China Regional Financial Stability Report said.
Banking reforms, the active financial and capital markets and the
government's efforts to improve the financial environment all contributed
to a more stable regional financial system, said the report, released by
the People's Bank of China's Shanghai headquarters.
Foreign financial institutions' accelerating expansion into areas outside
the coastal regions also helped.
Overseas banks established 30 operating entities by the end of 2006,
which has boosted the financial market competition in these regions and
improved their operating and management, the report said.
But there're other issues and more needs to be done to further improve
the regional financial stability, the report said.
The government should take measures to improve the financial system in
rural areas, facilitate direct financing and improve financing channels.
(For more biz stories, please visit Industry Updates)
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