Chinese Vice Premier Huang Ju said on Wednesday that China's banking supervisors urgently need to learn from best international practices so as to explore a route of supervision that complies with both China's real conditions and international norms.
Huang made the remark during his meeting with international bankers who are to attend the second meeting of the international advisory committee of the China Banking Regulatory Commission (CBRC).
Huang thanked the members of the advisory committee for their diligent work and advice on the development of China's banking sector. He said as a newly emerging market economy, China places importance on the vital role of the financial industry in economic growth.
Over the past few years, China has taken major steps forward in the reform and opening up of the financial sector. Huang said China has enhanced the effectiveness of financial regulation and service, strengthened the legal infrastructure and supervision of the finance and improved the quality and operating efficiency of financial assets.
However, Huang said there are still some problems to be addressed through deepening reform, perfecting legal framework, strengthening supervision and improving competence training of personnel in the financial sector.
Huang said the Chinese banking sector is the main stay of the country's financial system. Since its establishment last year, the CBRC has played an active role in strengthening supervision, pushing forward reform and promoting development of the banking sector, Huang said. He said the CBRC has also played its due role in the macro-economic control of China.
Noting that the standards of financial supervision bear significance on the reform and development of the banking sector, Huang said China is willing to listen to the comments and suggestions of the international consultation board of the CBRC.
Chairman of the CBRC Liu Mingkang was present at the meeting.
(Xinhua News Agency July 1, 2004)
