China Economic ReviewChina’s insurance industry made profits totalling Yn5.06bn in 2001, up 34.9 per cent from 2000, Xinhua reported. The report did not say whether the figure was net profit, but said that the growth was helped by a strong economy. Premium income reached Yn210.9bn last year, up an annual 32.2 per cent for the highest growth […]
The new leadership at the Bank of China is striving to distance itself from the corruption and malpractice associated with its disgraced former president, Wang Xuebing. South China Morning Post quoted an unnamed bank official as saying that profits have increased and no new financial irregularities have been revealed since Liu Mingkang replaced Wang in […]
China is to set up a new regulatory commission for the banking industry under The People’s Bank of China, South China Morning Post said. The decision was taken at a Communist Party’s financial conference held in Beijing early in February, where the chief item on the agenda was regulation of the banking sector. Supporters of […]
A loans officer at the Shanghai branch of Minsheng Bank, China’s only private bank, was reported by the Financial Times to have been charged last month with defrauding the bank of Yn354m. The man was alleged to have forged the seal of the Shanghai mint to illegally procure the loans from the bank. […]
New rules governing the operations of foreign banks in China took effect at the beginning of February. They replace all previous rules and are intended to give effect to China’s commitment to opening its financial services to foreign institutions after joining the World Trade Organisation. The rules divide foreign banks in China into Chinese registered […]