Chinese Official Assesses Economic Crime in State-Owned Banks
Posted on: Saturday, 22 October 2005, 12:00 CDT
Text of report in English by official Chinese news agency Xinhua (New China News Agency)
Beijing, 22 October: Some 240 scandals were revealed in China's state-owned commercial banks in the first half of this year, accounting for one-third of the country's total bank scandals, according to an official of the State Banking Regulatory Commission. These cases involved a total amount of 1.6bn yuan (198m US dollars), about half of the total sum of the bank scandals, said Shen Xiaoming, deputy director of the commission's Supervision Department, quoted by Saturday's Economic Information Daily.
Cases each involving more than 1m yuan (123,500 US dollars) stood at 64, said Shen, who attributed the emergence of the scandals to the deep-going reform of the country's banking system and the intensified efforts to crack down on economic crimes.
The economic losses caused by the scandals would be borne by the banks themselves, and the depositors' interests would not be affected, the official said.
Thus far, China has 189 banks and more than 30,000 credit cooperatives with total assets amounting to 30 trillion yuan (3.7 trillion US dollars). The big four state-owned commercial banks - the China Construction Bank, Agricultural Bank of China, Industrial and Commercial Bank of China and Bank of China - have a combined market share of 55 per cent.
"It is logical that more and more problems will be exposed during the reform of the banking industry," Shen explained.
Source: BBC Monitoring Asia Pacific
Related Articles
- BluePhoenix Completes IT Modernization Project for Export-Import Bank of the United States
- Oberthur Technologies Deploys Contactless Payment Sticker Certified by MasterCard to Leading Banks in the United States and Europe
- Sterling Savings Bank, Largest Commercial Bank Headquartered in Washington State Chooses IT-Lifeline for Workplace Recovery
- Bank to Extend 60 Bln Yuan in Loans for Nuclear Power Projects in Guangdong
- Centra to Purchase Pa. Bank First Move Across State Line -- to Fayette County
- CNPC's Overseas Investment Totals Nearly 60 Billion Yuan
- China to Take Death Rate Per 100 Mln Yuan GDP As Norm in Examing National Economy
- Families of Victims in N. China Coal Mine Blast to Receive 200,000 Yuan Each
- China to Promote Education Cooperation With Australia: State Councilor
- Central Bank of West African States Selects Xpress As Their Infrastructure Management Platform
 |
 |
User Comments (0)
RSS Feeds