The Report on International Financial Market 2007 issued by The People’s Bank of China (PBC) on Mar. 19 pointed out that Chinese banking industry furthered its opening-up in 2007. By the end of 2007, the total assets of foreign banks in China reached USD171.463b, up by 47 percent compared with that in the beginning of 2007.

By the end of 2007, the total assets of foreign banks in China accounted for 2.4 percent of that of financial organizations nationwide. Specifically, balance of loans amounted to USD95.156b, liabilities, USD155.423b and outstanding of deposits, USD60.663b, rose by 54.7 percent, 45 percent and 68.8 percent respectively compared with those in the beginning of 2007 and accounted for 2.5 percent, 2.3 percent and 1 percent of those of financial organizations nationwide respectively.

It was known that by the end of 2007, China Banking Regulatory Commission had approved 21 foreign banks to reorganize their Chinese branches as foreign corporate banks, 17 of which had finished the process and run business. The development of foreign banks in China had realized a stable transition from “branched-dominance” to “corporate-dominance” within a year. By the end of 2007, there were 26 foreign corporate banks (including 125 branches and subsidiaries and 160 sub-branches) and 117 branches of foreign banks (including 9 sub-branches).

Source: Xinhua