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Saturday April 30, 08:47
China top official’s comments may damage banking
(by Roy Deng)

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China top official’s comments may damage banking The comments from China’s top official may have negative impact on Chinese move towards allowing foreign banking institutions to expand on Chinese market.

On Wednesday, some state-backed newspapers quoted vice chairman of the China Banking Regulatory Commission Shi Jiliang as saying that the foreign entry into Chinese market should be taken at a slower pace and that the authorities are considering the ways to slow it. Moreover, Mr. Shi was also quoted as saying that foreign banks should invest more in the poorer inland areas than in developing regions.

The CBRC said China will not pursue such policy and encourages foreign banks to increase the injections into the world’s fastest-growing economy.

Meanwhile, China is still seeking ways for the foreign banking institutions to invest into two giant state-owned banks -- the Bank of China and China Construction Bank.

Mr. Shi’s comments evoked concern in some of the largest banking institutions over the globe. Officials reacted immediately. "Mr. Shi made it very clear in the speech, we are just considering it as one choice," one official was quoted as saying.
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