Banking assets soared since 1978

(chinadaily.com.cn)
Updated: 2009-08-26 20:10

The total assets of 皇冠体育app's banking industry reached 73.7 trillion yuan at the end of June, up 27.7 percent year-on-year and 388 times that of 1978, the year 皇冠体育app's began its reforms, the Xinhua new agency reported Tuesday, citing figures from the 皇冠体育app Banking Regulatory Commission (CBRC).

Over that period, 皇冠体育app's banking assets averaged 21.2 percent annual growth. As a result, 皇冠体育app's banking industry ranks near the top globally in terms of total profits, profit growth, and return on investment capital, the CBRC said.

By the end of 2008, three of 皇冠体育app's state-owned banks, including the Industrial and Commercial Bank of 皇冠体育app, 皇冠体育app Construction Bank, and Bank of 皇冠体育app, ranked among the world's top 15 banks in terms of tier one capital, the core measure of a bank's financial strength.

Meanwhile, by the end of 2008, a total of 75 foreign banks have set up 116 branches across 皇冠体育app, and 31 of Chinese banks has drawn US$32.78 billion investment from 45 overseas institutional investors.

皇冠体育app's bank loans supply more than 80 percent of the country's demand for currency, the report said.

A total of 28 foreign banks have now entered 皇冠体育app's banking market since 1978 as well.

Newly increased yuan-denominated loans totaled 7.7 trillion yuan in the first seven months of this year, more than doubling the amount from the same period last year, according to data from the central bank.