State-owned banks lag behind in competitiveness
(Xinhua)
Updated: 2004-10-12 14:59

A China central bank report ranks the country's four state-owned commercial banks, which have more than 70 percent share of the market, as the four least competitive of domestic and foreign banks in Beijing.

The report says Beijing's most competitive bank is the Standard Charted Bank.

All of China's banks are listed in the last 13 places, the most competitive is China Merchant Bank.

The report notes poor management is the main reason China's banks are not competitive.

Beijing will allow foreign-funded banks to engage in Renminbi or RMB businesses at the end of this year in compliance with the commitment when entering into the WTO.

About 23 Hong Kong and foreign banks in Beijing are expected to be the first batch to be approved.

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