Chinesepod - Binhai to be built into economic powerhouse

BIZCHINA / Investment Alerts

Binhai to be built into economic powerhouse
(Xinhua)
Updated: 2006-07-17 14:02

China has publicized plans to build Tianjin into a financial center in
the north by introducing a range of reforms in the city's Binhai New Area.

Tianjin Mayor Dai Xianglong said recently that experiments will be made
in reforming the scope of the banking business, ways of fund-raising and
control of foreign exchange.

Measures will be part of the economic and administrative reform efforts
to cultivate the Binhai New Area into a new engine of growth.

Earlier last month, the Binhai New Area, with an area of 2,270 square
kilometers, was announced by the State Council as an experimental zone
for comprehensive reforms.

It will be built into the third economic powerhouse in the country after
Shenzhen and the Pudong New Area in Shanghai.

Mayor Dai said as a way to reform the scope of banking businesses, a
financial share-holding company with limited liabilities will be set up
in the Binhai New Area to experiment with operating diverse financial
businesses.

Under China's measures to rein in a growing number of bad loans, all
banks are disconnected from trust and investment companies, and banking,
securities and insurance businesses are operated independently.

"There is a bottleneck for operating banking, securities and insurance
businesses independently,"

said Dai, who used to be governor of the People's Bank of China, the
country's central bank.

Limited by the industry regulations, Chinese banks can not provide the
diverse financial services desired by a growing number of conglomerates,
whose business covers many fields.

However, foreign banks in China, with the support of their parent banking
groups based overseas, are offering multiple financial services, which
certainly puts Chinese banks at an disadvantageous situation, Dai said.

Page: 1 2

(For more biz stories, please visit Industry Updates)

Most Popular Stories in 48 Hours

� China to see 3G commercial usage

� Women hard to find husband

� KFC sullies Chinese classic

� Most generous person in China

� Top importers & exporters unveiled

Today's Top News 

� Visit opens door in US military ties

� China to plan Mars probes in 5 years

� Direct cargo flight lands in Shanghai

� Rich people feel 'insecure, troubled'

� Tsunami kills over 300 in Indonesia

Top Biz News 

� Consumption expected to grow fast

� China to build credit database to help banks

� New policy expected to aid semiconductor industry

� China to widen investment channels

� China's population to peak at 1.5b in 2030s

Alibaba is the largest B2B marketplace in the world. Source model ship,
wooden puzzle, one-piece toilet, RC hovercraft, photo album, prom dress,
pocket bike, Vaginal Speculum, Samurai Sword, String Panty and PVC Pipe.

Chinesepod