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Chinanews, Shanghai, August 7 - According to a report by the Shanghai branch of the People's Bank of China, Chinese financial institutes have become more and more competitive in the domestic market; however, foreign ones are expending1 very fast to the central and western areas, with 30 subbranches of theirs having been set up in western, central and northeastern China.
The report covers banks, securities agencies, insurance agencies, etc. It says that in 2006 alone, the total assets of banking2 institutions in China increased by 13%, earning for them an abundant profit. Latest statistics show that 116 securities agencies in China netted a profit of 25.5 billion yuan, the first time ever for them to turn loss into gain. Insurance agencies also witnessed a 15.45% growth in their total sales value. By the end of 2006, 14 foreign-invested banking institutes were registered in China, setting up 312 subbranches. 29 overseas strategic investors3 have bought the shares of 21 Chinese banks. 30 international financial institutes have founded 30 securities and fund agencies. There are 115 subbranches of 44 foreign insurance agencies in China.
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