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Expert suggests big state-owned banks piloting mixed-ownership reform, report

March 14, 2019


Abstract : China’s large state-owned commercial banks can try piloting mixed-ownership reform to further advance their governance system reform, reported Xinhua-run Shanghai Securities News citing Xiao Gang, ex-chairman of China’s securities regulator.

BEIJING, March 14 (Xinhua) – China’s large state-owned commercial banks can try piloting mixed-ownership reform to further advance their governance system reform, reported Xinhua-run Shanghai Securities News citing Xiao Gang, ex-chairman of China’s securities regulator.

Xiao, also an academic consultant of the China Finance 40 Forum (CF40), made the remarks on a Tuesday-convened meeting on Chinese large commercial banks’ joint stock reform, held by the CF40 Sun Yefang Book Club.

As Xiao held, there is still much work to do to optimize Chinese state-owned banks’ corporate governance mechanism, such as improving their business management systems, strengthening risk and internal controls, and establishing and enriching their business and product innovation mechanisms.

Apart from these, Xiao thought that Chinese state-owned lenders shall accelerate their “going global” paces to enhance their competitiveness worldwide.

In his opinion, China’s large state-owned banks now embrace good opportunities for “going global”.

For one thing, despite the fact that many banks around the world have recovered from the past global financial crisis, there are still a batch of old lenders mired in difficulties, according to Xiao.

For the other, the Belt and Road Initiative provides sound historical opportunities for China’s large state-owned banks to “go global”, noted Xiao.

Under such circumstances, large Chinese state-owned banks need to adapt to the new situations and conduct overseas market layout to fully construct a financial service system for serving the “going global”, Xiao suggested. Enditem (Edited by Duan Jing, duanjing@xinhua.org)


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