China: China To Go Ahead With State-Owned Banks' Reforms

Chinese Premier Wen Jiabao said that the government remains committed on restructuring the shareholding of state-owned commercial banks. However, Jiabao reiterated the government's intention of retaining a controlling share in the state owned banks. Jiabao pledged to introduce foreign banks' management practices, standardize corporate governance, and improve internal control and management; among other steps in the country's state owned banks. The government plans to launch the shareholding reforms of the Agricultural Bank of China during this year. As at end of last year, 25 foreign investors are reported to have taken stakes in 20 Chinese banks.