GS 高盛：中国金融业－金融会议点评:金融改革

January 22, 2007　　　７页　　英文　　pdf

According to Xinhua News Agency, the Central Financial Working Conference which finished over the weekend laid out a medium term policy direction for China financial reform, including: 1) deepening the corporate governance and internal reform of state-owned banks, and steadily restructuring Agricultural Bank of China; 2) further developing the capital and insurance markets, including increasing corporate debt securities issuance; 3) starting the reform of policy banks and allowing China Development Bank (CDB) to operate commercially; 4) expanding the investment channels for forex reserves, which we believe may include equity investment, potentially through funds management companies and direct investment in strategic resource industries; and 5) improving the rural financial system. We expect the relevant regulators will issue moredetailed policy initiatives in 2007