China Focus: "Big Four" banks in full drive to build China into a financial powerhouse

08/12/2023 14:42
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ຂປລ (KPL/Xinhua) China's "Big Four" commercial banks, who are among the world's largest lenders, are stepping up efforts to better support the national economy while enhancing risk management amid the country's efforts to build itself into a financial powerhouse.

(KPL/Xinhua) China's "Big Four" commercial banks, who are among the world's largest lenders, are stepping up efforts to better support the national economy while enhancing risk management amid the country's efforts to build itself into a financial powerhouse.

Exclusive interviews with heads of the four state-owned lenders -- Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC) and China Construction Bank (CCB) -- revealed the priorities of these lenders.

To develop China into a financial powerhouse, its financial industry is in urgent need of transition from "big" to "strong," said Ge Haijiao, chairman of BOC.

At the macro level, an adaptable, competitive and inclusive modern financial system with Chinese characteristics should be established to enhance the comprehensive strength and international influence of the sector, said Chen Siqing, chairman of ICBC.

At the micro level, a large number of world-leading modern financial enterprises should be nurtured, Chen added.

Financial institutions, especially large state-owned ones, must plan and adjust their businesses in accordance with the national goal as they seek to strengthen their market and global influence, Ge said.

These institutions should focus on the actual needs of business entities, enhance the ability of risk prevention and continue to fine-tune the comprehensive risk management system, said Tian Guoli, chairman of CCB.

Gu Shu, chairman of ABC, said major state-owned commercial banks should focus on constantly deepening supply-side structural reform by optimizing business and financing structures, and actively participate in the high-level opening up of the financial sector by offering better services to help domestic firms go global and overseas companies enter the Chinese market.

KPL

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