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Jan 31, Local banking institutions hit 3,108 in Shanghai
Shanghai Daily news
The number of local banking institutions has hit 3,108, making Shanghai the city with the most integrated banking sectors in China, the local banking regulatory commission said yesterday.
Major domestic bank organization and operation centers have been flocking to the city, improving the management and operation capability of the city’s banking sector. Currently, 36 banking corporations and 27 operation centers are operating in Shanghai.
Meanwhile, bad loan ratios at banks in Shanghai have dropped to a record low of 2.51 percent at the end of last year amid improving credit.
It is the first time the non-performing loan ratio, which dipped 0.55 percentage point a year ago, has fallen below three percent in Shanghai.
The outstanding value of bad loans sat at 46.21 billion yuan (US$5.92 billion) in the city at the end of 2006, down 4.31 billion yuan from the beginning of 2006, the Shanghai Bureau of the China Banking Regulatory Commission said yesterday in a statement.
“Local banks are showing better credit, with more profits channels,” Wang Huaqing, head of the local banking watchdog, said in the statement.
Better risk management against bad loans sits at 91 percent at domestic banks, up 21 percentage points from a year ago, the regulator said.
Pre-tax profits at banks in Shanghai gained 14.4 percent to 40.3 billion yuan last year. Fee-based income from domestic and overseas banks increased 39 percent to 8.9 billion yuan.
China fully opened its banking sector in December under its World Trade Organization commitment. The arrival of overseas banks pushed domestic lenders into seeking more income vehicles. Individual investment products also grew amid the trend.
Foreign-exchange investment products gained 21 percent to 32.1 billion yuan.
Jan 26, 2006 China 20 Big Economic Affair
2006 China 20 Big Economic Affair ,RMB Rise,Open RMB business to foreign banks,China’s foreign exchange reserves exceeded 1 trillion dollars…
All bets are on with China gambling craze !
I read earlier this week about how Macau’s gaming revenue surged 22% in 2006, surpassing for the first time the Las Vegas (where AsiaInspection will exhibit next week – by the way…) as the world’s biggest casino market. Seven new…
Jan 25, Jim Rogers Inspected Chinese Stock Market
Jim Rogers Inspected Chinese Stock Market on Jan.23rd,2007, saying that Chinese stock A now in bubble, but it didn’t mean the stock won’t continue to rise.
Jan 24, the thought of Chinese people
Don’t think the thought of Chinese people also changed a lot, they’re not so modern as Chinese buildings and other hardwares.
Jan 18, China Fortune Story: Chopstick Revolution
one of China fortune story, an electrical maintenance worker invented patching up and environmental protection chopstick
Jan 16, China’s foreign exchange reserve hit record high
China’s foreign exchange reserve reached 1.0663 trillion U.S. dollars at the end of 2006, announced the People’s Bank of China yesterday.
China became the world’s largest foreign currency depositor in the first half of 2006. Figures from the State Administration of Foreign Exchange show that China’s foreign exchange reserve stayed below one billion U.S. dollars before 1979.
Xin Hua
Jan 16, Economists predict 2007 as “bumpy boom” year
2007 will be a “bumpy boom” year, Standard Chartered Bank’s (SCB) economists said yesterday in their global and regional economic and interest rate outlook for 2007.
The SCB’s British economist Gerard Lyons said that the world economy is booming and the growth is strong, while China and India are opening up.
Commodity markets are buoyant, new trade corridors are emerging, with intra-Asian trade increasing and inter-regional trade rising sharply, albeit from low levels, he said.
“Globally, and on the ground in many of our market, the picture looks good,” he said in his report.
He figured that the economy emerges twin peaks in these years.
He noted that having boomed in 2006, emerging markets will slow this year because the United States slows, and will then see a pick-up in growth again in 2008.
He described the outlook of this year as a “roller coaster”. Financial markets start the year in a positive mood, which is particularly so for global equity markets, he said.
Nicholas Kwan, regional head of research of Asia, said Asia 2007 is a “bumpy boom” year.
He forecast that the growth of China will be 9.7 percent in 2007 and 8.5 percent in 2008, the growth of India will be 7.5 percent and 8.0 percent respectively.
While the United States will increase the same 2.5 percent in the two years and Europe will increase 1.9 percent in 2007 and 2.1 percent in 2008.
For Singapore, 2007 will be interesting with the external sector decoupling from the domestic sector, global researcher Joseph Tan said.
“Headline gross domestic product (GDP) growth set to moderate from 7.7 percent in 2006 to 4-6 percent range in 2007,” he said.
However, domestic sector will be different as the equity, property and labor market are in an upturn, he added.
A benign inflation outlook will keep interest rates in a tight range while the Singapore dollar stance could be shifted to neutral, he said.
Xinhua
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