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Chiannews, Shanghai, March 21 - By the end of last February, foreign banks had set up more than 100 operational subbranches and 109 agencies in Shanghai, not including the 4 subbranches currently in preparation.
The statistics are from Wang Huaqing, the director of Shanghai Banking1 Regulatory Administration. China fully2 opened its banking industry recently, which has since attracted many famous banks from all around the world. The total capital of foreign banks in Shanghai had kept growing by 22% ever year in the past few years, amounting to $65.2 billion by last December. The remaining sum of their loans had been increasing by 28% annually3, reaching $33.7 billion by last December. Foreign banks absorbed $19.6 billion of deposit by the end of 2006. It had kept a 40%-plus annual growth before that. Their good business also generated a marvelous financial statement, as they netted a proft of $350 million (before tax) last year, with an average annual growth of 32%. "Their great leap in profit reflects their good business, and their non-performing loan rate has dropped to 0.51% from the figure of 3.93% in 2001," said Wang. However, Wang also pointed4 out the major problems that foreign banks must resolve in China, such as their over-dependence on their mother-banks, and how to make their information system compatible with their fast development.
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