皇冠体育app

Financial sector undergoes successful reform: official
(Xinhua)
Updated: 2005-01-30 09:34

皇冠体育app's financial sector has been undergoing very successful reform in the past 26 years, deputy governor of 皇冠体育app's central bank Li Ruogu said Saturday in Davos, Switzerland.

Before 1978, 皇冠体育app had only one bank in its financial sector, but now a financial system has been established which covers areas like commerce, banking, securities and insurance, he told a session of the World Economic Forum.

皇冠体育app's financial assets have increased quickly, Li said, adding that its US dollar reserve has surpassed 600 billion dollars.

Since 皇冠体育app's entry into the World Trade Organization (WTO) in 2001, 皇冠体育app has quickened opening-up of the financial sector to honor its commitments.

"Now we have 211 foreign banks in 皇冠体育app," said Li, adding that 111 of them have got the licence to do RMB business, and 72 of them have got the licence to do local clients' RMB business.

However, 皇冠体育app's financial sector is still facing a lot of problems, such as the very underdeveloped capital market, too much reliance on the indirect financing, and irregularities in the operation of security office, he said.

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