From the Financial Express: Beijing prepares banks for foreign competition as the WTO deadline nears.
One of the greatest challenges China must confront before the WTO treaty it signed enters into force in 2007 is to prepare its banking system for privatisation and competition with foreign banks. A new agency, Central Hujin Investment Company, has been established to manage and re-capitalise big state-owned banks before these are sold. It has injected $60 billion of China’s foreign exchange reserves into the Bank of China, the China Construction Bank, and the Industrial and Commercial Bank.
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