Chinese Premier Wen Jiabao Tuesday urged the country's state-owned banks to transform themselves into modern joint-stock banks with an international competitive edge in three years' time.
Hosting a State Council meeting on the reconstruction of the Bank of China and the Construction Bank of China, Wen Jiabao discussed the target and major tasks of the reforms.
China's central government has injected some US$45 billion into the banks to support their structural reforms.
He urged relevant departments on reforming management, business operation models and improving banking performance.
Besides the two banks, China's four major state-owned banks also include Industrial and Commercial Bank of China and Agriculture Bank of China.
These banks suffer from backward management styles and a high rate of non-performing loans. Reforms are necessary for these banks as they are to face competition from international institutions in three years when China is due to completely open its financial market.
(People's Daily March 3, 2004)
