Chinese School - Chinese banks utilized billions of foreign funds

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Chinese banks utilized billions of foreign funds

www.chinanews.cn 2005-04-01 12:57:58

Chinanews, Mar. 31 - Liu Mingkang, president of the China Banking
Regulatory Commission, said that Chinese banks utilized US.186 billion of
foreign funds by the end of 2004.
Chinese banks such as the Bank of Communications, the Bank of Shanghai
and the Shanghai Pudong Development Bank introduced foreign strategic
investment and have overseen active changes in the operations of their
boards of directors, risk management, market development and business
management strategies.
Liu stated that strategic cooperation between Chinese and foreign banks
is now in smooth progress. A number of foreign-funded banks, including
Citibank and the Hong Kong and Shanghai Banking Corporation (HSBC), have
become shareholders in ten Chinese banks. Another eight Chinese banks are
currently negotiating with foreign banks.

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