State Council meets to map China's future
(Xinhua/Shanghai Daily)Updated: 2007-01-20 14:56
The first such national work conference was held in the year a financial crisis swept Southeast Asia. China reacted by adopting aggressive financial policies, setting up the Insurance Regulatory Commission and instituting reforms involving the "big four" state lenders: the Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China.
The meeting also led to the establishment of four asset management companies to clear nearly 1.4 trillion yuan (US$180 billion) in non-performing loans at the big-four banks.
The national financial work conference held in 2002 led to the establishment of the Banking Regulatory Commission and financial policies that reined in excess investment.
Chinese leaders at the second meeting also ordered an effort to turn the state-owned banks into modern institutions that could compete with foreign peers and encouraged them to list on stock exchanges.
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