Ten foreign banks to incorporate locally

时间：2006-12-07 01:03:01

（单词翻译:单击）

BEIJING, Dec. 6 - More than 10 foreign-funded banks have expressed their wish to incorporate locally, a senior official with the China Banking2 Regulatory Commission told a press conference here on Wednesday.

 

Xu Feng said that the commission would release the names of the first batch3 of foreign-invested banks who have submitted their applications soon after the Regulation on Administration of Foreign-funded Banks take effective on Dec. 11.

 

Xu predicted that locally incorporated banks would account for more than half of the turnover4 of foreign institutions in China.

 

Under the regulation, the Chinese government encourages foreign banks to incorporate locally and set up subsidiaries to minimize risks for Chinese customers.

 

If a foreign bank continued to run its Chinese operation as branches operated from overseas, the range of services it could offer customers would be limited.

 

China's banking watchdog said that the stipulation5 is in line with international practice. When liquidity6 risks occur, domestic customers should be given priority in withdrawing funds. Chinese individuals who deposit money in branches operated from overseas could find their assets at risk if the parent bank experienced a crisis.

 

In a globalized world, financial risks can be passed from one country to another. But China-registered corporate1 entities7, which are supervised by Chinese banking authorities, will take measures to minimize risks and ensure domestic financial stability, they said.

 

The policy favoring Chinese corporate status also complies with WTO rules, which allow members to adopt measures of prudence8 when opening up the banking sector9.

 

Prudent10 measures include policies that protect customers' interests, prevent risks to the bank and safeguard the stability of financial markets.

 

"The Chinese government will do everything it can to facilitate the conversion11 process, which will take one to three months," Wang Zhaoxing, assistant chairman of CBRC, said earlier.

 

Wang said he is confident that government departments involved -- the judicial12 department, the industrial and commercial administration, and the banking regulatory commission -- will work together in an efficient and well-coordinated manner.

 

A locally incorporated bank will not be regarded as a new institution. The date on which the foreign bank established its first branch in China will be regarded as the beginning of its operation.

 
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点击收听单词发音收听单词发音  

1 corporate 7olzl     
adj.共同的，全体的；公司的，企业的
参考例句：
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
2 banking aySz20     
n.银行业，银行学，金融业
参考例句：
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
3 batch HQgyz     
n.一批(组，群)；一批生产量
参考例句：
  • The first batch of cakes was burnt.第一炉蛋糕烤焦了。
  • I have a batch of letters to answer.我有一批信要回复。
4 turnover nfkzmg     
n.人员流动率，人事变动率；营业额，成交量
参考例句：
  • The store greatly reduced the prices to make a quick turnover.这家商店实行大减价以迅速周转资金。
  • Our turnover actually increased last year.去年我们的营业额竟然增加了。
5 stipulation FhryP     
n.契约，规定，条文；条款说明
参考例句：
  • There's no stipulation as to the amount you can invest. 没有关于投资额的规定。 来自《简明英汉词典》
  • The only stipulation the building society makes is that house must be insured. 建屋互助会作出的唯一规定是房屋必须保险。 来自《简明英汉词典》
6 liquidity VRXzb     
n.流动性，偿债能力，流动资产
参考例句：
  • The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
  • The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。
7 entities 07214c6750d983a32e0a33da225c4efd     
实体对像； 实体，独立存在体，实际存在物( entity的名词复数 )
参考例句：
  • Our newspaper and our printing business form separate corporate entities. 我们的报纸和印刷业形成相对独立的企业实体。
  • The North American continent is made up of three great structural entities. 北美大陆是由三个构造单元组成的。
8 prudence 9isyI     
n.谨慎，精明，节俭
参考例句：
  • A lack of prudence may lead to financial problems.不够谨慎可能会导致财政上出现问题。
  • The happy impute all their success to prudence or merit.幸运者都把他们的成功归因于谨慎或功德。
9 sector yjczYn     
n.部门，部分；防御地段，防区；扇形
参考例句：
  • The export sector will aid the economic recovery. 出口产业将促进经济复苏。
  • The enemy have attacked the British sector.敌人已进攻英国防区。
10 prudent M0Yzg     
adj.谨慎的，有远见的，精打细算的
参考例句：
  • A prudent traveller never disparages his own country.聪明的旅行者从不贬低自己的国家。
  • You must school yourself to be modest and prudent.你要学会谦虚谨慎。
11 conversion UZPyI     
n.转化，转换，转变
参考例句：
  • He underwent quite a conversion.他彻底变了。
  • Waste conversion is a part of the production process.废物处理是生产过程的一个组成部分。
12 judicial c3fxD     
adj.司法的，法庭的，审判的，明断的，公正的
参考例句：
  • He is a man with a judicial mind.他是个公正的人。
  • Tom takes judicial proceedings against his father.汤姆对他的父亲正式提出诉讼。

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