This Day, That Year

China Daily (Latin America Weekly) - - Front Page -

Item from Nov 13, 1984, in China Daily: Xi­a­men, Fu­jian prov­ince, takes the lead among the coun­try’s four spe­cial eco­nomic zones by en­sur­ing a free flow of funds in and out of the zone, and set­ting up the first joint ven­ture bank, the Xi­a­men In­ter­na­tional Bank.

Since re­form and openingup, for­eign cap­i­tal banks have been ac­tively en­gag­ing in busi­ness in China.

In Au­gust 1985, Xi­a­men In­ter­na­tional Bank was es­tab­lished as the first joint ven­ture bank in the coun­try. Its share­hold­ers in­clude In­dus­trial and Com­mer­cial Bank of China, Min Xin Hold­ings Limited, the Asian De­vel­op­ment Bank and Ja­pan’s Shin­sei Bank.

Ac­cord­ing to the China Bank­ing Reg­u­la­tory Com­mis­sion, the to­tal as­sets of for­eign banks in the coun­try grew from nearly 93 bil­lion yuan ($14 bil­lion) to about 3 tril­lion yuan in the past decade.

The cen­tral au­thor­i­ties have in re­cent years grad­u­ally opened up the fi­nan­cial sec­tor by re­lax­ing con­trol over mar­ket ac­cess for for­eign-funded banks.

Last week, China laid down a blue­print for cre­at­ing a more level play­ing field for for­eign com­pa­nies in the coun­try’s sprawl­ing fi­nan­cial sec­tor, Xinhua News Agency quoted Zhu Guangyao, vicem­i­nis­ter of fi­nance, as say­ing.

For­eign com­pa­nies will be al­lowed to own up to 51 per­cent of any joint ven­ture in the se­cu­ri­ties, funds and fu­tures mar­kets.

By the end of 2015, there were 40 lo­cally in­cor­po­rated for­eign lenders and one joint ven­ture — the Sino-Ger­man Baus­parkasse Co — the com­mis­sion’s an­nual re­port said.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.