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Chinese banks absorbed $32.78 bln foreign capital

Statistics show that, as of the end of 2008, 12 countries and regions have set up 28 foreign-owned banks, two joint-venture banks and two foreign-owned finance companies in China. 75 foreign banks from 25 countries and regions have set up 116 branches in China. In addition, the ICBC, Bank of China, China Construction Bank and other financial institutions in the banking industry have attracted 45 foreign institutional investors, and absorbed foreign capital of 32.78 billion U.S. dollars.

In the meantime, Chinese banks' overseas business grows steadily. As of the end of 2008, Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), China Construction Bank (CCB), Bank of Communications and Bank of China (BOC) have a total of 78 overseas financial institutions under the direct control of their headquarters, has acquired 5 offshore financial institutions, and their business covers commercial banking, investment banking, insurance and other financial services.

"In 1979, Japan Import and Export Bank became the first foreign bank allowed to set up a representative office in Beijing since the reform and opening up. Bank of China established its first overseas branch in Luxembourg after the reform and opening up, and opened a new chapter for the banking industry." a senior banker said.

"China's banking industry experienced so many ups and downs and has made impressive progress during the past 60 years. It has now stepped up onto the global stage and joined the banking arena. Looking to the future, China's banking will become a brilliant star in the world's financial arena." Bank of China Vice President Zhu Min said.

 Source : People's Daily Online  Editor: Ivy
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