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China loosens restrictions on foreign bank activity

China loosens restrictions on foreign bank activity

(2nd December 2003 – China) The Chinese Government has moved to help its debt ridden banking sector by paving the way for foreign banks to operate in China’s booming economic environment. China’s Banking Regulatory Commission said it would allow international banks to take larger stakes in Chinese banks as well as cutting bad debts to enable new capital raising.

China’s banking sector is lumbering under US$240 billion in bad loans and has been under pressure from the US and other countries to loosen restrictions on its markets and adhere to promises made at the time it joined the World Trade Organisation.

China will choose one or two state banks to act as pilots for the reforms.
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