China's Wen to chair closed-door financial reform talks - report |
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Published
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Fri, 12 Jan 2007 04:52
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BEIJING (XFN-ASIA) - Premier Wen Jiabao will chair closed-door financial reform talks next week, The Financial Times reported.Similar talks were held in 1997 and 2002, and in both cases produced sweeping changes in policy, the newspaper said.Although no date or agenda have been officially set, talks are expected to focus on rural banking and a more independent role for Central Huijin Investment, Chinas largest financial holding company, the newspaper said.Huijin holds a 50 pct stake in the countrys biggest bank, the Industrial and Commercial Bank of China, with controlling shares in the Bank of China and China Construction Bank.The newspaper said Huijin's possible role in managing a section of China's foreign exchange reserves will be discussed at the talks.Other topics discussed in preparation for the talks have been the recapitalization of the Agricultural Bank of China. The bank posted a non-performing loan ratio of 23.6 pct in 2006, making it difficult to attract foreign investment prior to an overseas initial public offering, the newspaper said.Reforms to the bond market are also likely to be discussed, including a decision to permit the China Securities Regulatory Commission to approve issuances by listed companies, the newspaper added.fergus.naughton@xinhuafinance.com
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China needs to reform fiscal spending to increase domestic consumption - NDRC 