CHINA / National |
Conferences yield reforms(China Daily)Updated: 2007-01-22 07:14
China's financial sector has witnessed great changes since the first national financial work conference was held in 1997. The following are major events that have taken place since. 1998: The Ministry of Finance issued 270 billion yuan ($34.6 billion) in special treasury bonds to recapitalize the "Big Four" State-owned banks. In November, the China Insurance Regulatory Commission was established. 1999: Four asset management companies were set up to take over non-performing assets of the "Big Four". 2002: In November, the Qualified Foreign Institutional Investor system was introduced. 2003: In April, the China Banking Regulatory Commission was established. In September, Bank of China and China Construction Bank were approved to experiment with share-holding restructuring. 2004: In December, the insurance industry was fully opened to foreign players. 2005: In July, the foreign exchange rate regime was revamped. 2006: In December, the banking industry was fully opened to foreign banks.
(China Daily 01/22/2007 page1) |
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