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��Home>>Business
China to unify supervision standards for domestic and foreign banks
www.chinanews.cn 2007-03-23 17:50:49
Chinanews, Beijing, Mar. 23 �C China will further improve its supervision
system over foreign banks and will speed up the efforts of applying
unified supervision standards for both domestic and foreign banks, says a
report issued by the China Banking Regulatory Commission on Thursday.
In this “Report on the Opening-up of China’s Banking Industry”, it is
said that while the opening-up of the banking industry has brought
positive impacts on China’s financial system, it has also created some
risks. Chinese government has paid close attention to the possible risks
emerging during this process and will take effective measures to improve
the supervision work over foreign banks. In taking various measures, it
hopes that the supervision work over foreign banks will become more
comprehensive, detailed and professional, and Chinese banking system will
become more secured.
While opening up the banking system, China should strengthen its
supervision work and try to raise the supervision level by introducing
more international practices, the report stresses.
In the next step, China will raise the effectiveness and professionalism
of supervision from various aspects. First, China will try to unify the
supervision standards applied to domestic and foreign banks, especially
those foreign banks that have registered in China. With this measure,
China hopes to create a fair market environment.
Secondly, China will bring its supervision work into line with
international standards. It will consult and follow the Core Principles
for Effective Banking Supervision made by the Basel Committee on Banking
Supervision to make domestic supervision more transparent and effective.
Finally, China will take active measures to improve the external
environment in banking supervision and will promote the implementation of
international accounting practices in China, the report says.
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