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| Bank of China Prepares for WTO Entry |
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SAT, NOV 10, 2001
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The Bank of China, one of China's four largest state-owned commercial banks, is speeding up establishment of a corporate governance mechanism to meet the challenges brought about by the country's accession to the World Trade Organization (WTO).
China's banking industry will become more involved in the globalization of the economy and finance after the country's WTO accession, President Liu Mingkang of the bank said, quoted by Saturday's China Daily.
The bank recently reorganized its Hong Kong business by merging 10 branches to form the Bank of China (Hong Kong) Co., Ltd., which began operation on October 3.
With an aim to establish a better corporate governance mechanism, the bank has improved its decision-making system and inner-control system since 2000.
It took the lead in China's banking sector by compiling financial reports in accordance with international accounting standards, which reveal more information including the ratio of bad loans, Liu said.
The bank has focused its attention on human resources training and management and slashed the number of inner organizations from 15,251 in 1997 to 12,967 in 2000.
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