China moves to improve banks’ self discipline
(26 October 2005 – China) China’s banks have been told to comply more closely with international standards on internal governance if they wish to make themselves more attractive to foreign investors.
China’s banking sector will be fully open to foreign banks by the end of 2006, under the country’s agreement with the World Trade Organisation.
The China Banking Regulatory Commission said banks need to put in place concrete development plans and a system of controls and self discipline to boost competitiveness and sustain further progress.
As part of this process, 40 of China’s domestic financial services firms have adopted a convention.
"The adoption is a sign that the domestic banking industry is making more effort to improve its own strength and maintain the order of the financial market," CBRC president Liu Mingkang said.
China Banking Association president Guo Shuqing said the self discipline convention would lead to better regulation of member banks’ business operations and prevent disorderly market competition.
He said self discipline was an important part of the financial supervisory framework.
The China Banking Regulatory Commission said banks need to put in place concrete development plans and a system of controls and self discipline to boost competitiveness and sustain further progress.
As part of this process, 40 of China’s domestic financial services firms have adopted a convention.
"The adoption is a sign that the domestic banking industry is making more effort to improve its own strength and maintain the order of the financial market," CBRC president Liu Mingkang said.
China Banking Association president Guo Shuqing said the self discipline convention would lead to better regulation of member banks’ business operations and prevent disorderly market competition.
He said self discipline was an important part of the financial supervisory framework.
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