Big Banks Tweak Competitiveness

The local banking sector in China's financial hub has promised to step up financial support to help the growth of the coastal city's thriving economy and to aid social development.

"The local banking sector should use its advantages of having a better understanding of the market and extensive business networks to provide more new services," said Wang Zheng, vice-president of the Bank of China (BOC) Shanghai Branch, one of the big four State-owned commercial banks.

Wang told China Daily that the branch is concentrating on providing more customer services and products to bolster economic growth this year.

The branch has recently inked contracts with the Shanghai General Motors, China's largest Sino-US joint venture, to deliver 70 per cent of the company's car loans to buyers of GM's Buick vehicles.

In addition, China Construction Bank's (CCB) Shanghai Branch also vowed to provide more "multipolarized" financial assistance to the development of the local education industry in the new millennium.

CCB's Shanghai Branch has assigned more than 1 billion yuan (US$120 million) in loans to educational institutions during the past few years, said He Zhenping, the branch's spokesman.

But Wang also calls for a gradual shift from the banking sectors' traditional businesses, which are primarily loan services, to a new range of customer-centred products and services which can better cater to their needs in the information age, such as loans for Chinese students studying overseas.

(Source: CIEC)




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