State banks given ambitious goals

The China Banking Regulatory Commission (CBRC), set new performance goals for the Bank of China (BOC) and China Construction Bank (CCB). CBRC chairman Liu Minkang said that the two banks must achieve 11% return on equity by 2005 and 13% by 2007. Liu added that the banks must also reach a return on assets near the �average level of the top 100 banks in the world.� The new goals are part of government efforts to catalyze reform in the financial sector with the aim of improving balance sheets and selling shares to international investors.