By Yong Guo (auth.)
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Extra resources for Banking Reforms and Monetary Policy in the People’s Republic of China: Is the Chinese Central Banking System Ready for Joining the WTO?
6 billion Yuan RMB (Deng, 2001). According to Deng (2001), the shareholding commercial banks in China have bank capital of 8 per cent. This number is low in terms of risk management, compared with the international banking capital requirement. 74 per cent capital reserves only for preparing the risks such as default loans. Another potential problem in the shareholding commercial banks in China is the increasing level of `bad' loans. 01 per cent in the 99 local city shareholding commercial banks in 2001.
Its business is now supervised by the PBC. The commercial banking side of the PBC was transferred to the Industrial and Commercial Bank of China (ICBC) that opened in January 1984 to handle the business of urban savings deposits, loans for working capital and medium-term credits for equipment purchases of enterprises, which was one of the functions of the PBC before. Since its establishment, the ICBC had been the largest bank in China both in terms of its assets, which accounted for about 31 per cent of the combined banking assets in 1992, and in terms of its domestic business operations, which accounted for 47 per cent of the total business operations of the so-called specialized banks (a term used by Chinese government to include all commercial banks owned by the Chinese government and other private and shareholding commercial banks) excluding the BOC (World Bank, 1993).
There were more than 70 financial corporations in China by 1999. Major characteristics of financial corporations One of the characteristics of financial corporations is dual representation. Compared with banks, financial corporations belong directly to the parent companies, most of which are manufacturing enterprises. On the other hand, the financial corporations themselves are financial firms. They cover almost all the financial business except insurance, accepting private deposits and making private loans.