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Fivefold rise in capital for foreign banks
By Feng Jianmin |
December 23, 2011, Friday
|
Print Edition
Print Edition
FOREIGN banks in Shanghai have seen their total capital surge more than fivefolds in the past 10 years to 1 trillion yuan (US$158 billion) by the end of October as they tapped the opening-up of China's economy since the country joined the World Trade Organization.
The banks' bad loan ratio has also dipped to 0.33 percent during the same period, the Shanghai branch of the China Banking Regulatory Commission said yesterday.
"Since China joined the WTO in 2001, the development of foreign banks in Shanghai has fully revealed the positive effects of opening-up," the statement said. "The banks' business, clients and services have all made a great leap forward. Their operation is generally healthy, and their localization is increasing. They have merged into the economy."
The HSBC, Bank of East Asia, Standard Chartered, Citigroup and Mizuho Corporate Bank (China) Ltd, has each exceeded 100 billion yuan in capital.
The CBRC encourages foreign banks to tap their strengths and differentiate themselves from their Chinese counterparts to ride the growing market.
The banks' bad loan ratio has also dipped to 0.33 percent during the same period, the Shanghai branch of the China Banking Regulatory Commission said yesterday.
"Since China joined the WTO in 2001, the development of foreign banks in Shanghai has fully revealed the positive effects of opening-up," the statement said. "The banks' business, clients and services have all made a great leap forward. Their operation is generally healthy, and their localization is increasing. They have merged into the economy."
The HSBC, Bank of East Asia, Standard Chartered, Citigroup and Mizuho Corporate Bank (China) Ltd, has each exceeded 100 billion yuan in capital.
The CBRC encourages foreign banks to tap their strengths and differentiate themselves from their Chinese counterparts to ride the growing market.
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