Banking assets up 17% in 2003

cctv.com 03-10-2004 14:28

China's Banking Regulatory Commission Tuesday reported a surge in the combined assets of China's banking institutions. Joint stock banks and credit cooperatives in rural areas led the increase.

In 2003, the combined assets of China's banking institutions reached 3.3 trillion US dollars. That represents a rise of nearly 17 percent year-on-year. Leading the increase were China's 11 joint-stock commercial banks, including the Bank of Communications, CITIC Industrial Bank and China Everbright Bank. Their total assets rose by some 28 percent to 460 billion US dollars. The country's thousands of rural credit cooperatives had assets totaling 319 billion US dollars, surging nearly 22 percent. Figures released by the regulatory body revealed that the assets of overseas banks in China totaled nearly 48 billion US dollars last year, a hefty growth rate of nearly 22 percent.

The 4 state-owned banks, the bedrock of the country's financial system, recorded 1.8 trillion US dollars in total assets at the end of last year. It was 55 percent of the total assets of all financial institutions in China.

On the other hand, the report also said the country's banking institutions also amassed a mountain of debts - up 17 percent in 2003 to 3.2 trillion US dollars.

Editor:Zhang  Source:CCTV.com