China punishes nearly 800 people in state banks
(AFP)
Updated: 2005-12-27 19:34

China punished 799 employees from the country's "Big Four" commercial banks for irregularities which cost up to 588.5 billion yuan (about 73 billion US dollars) in 2005.

Chairman of the China Banking Regulatory Commission Liu Mingkang speaks during a press conference at the State Council in Beijing, December 5. China punished 799 employees from the country's 'Big Four' commercial banks for irregularities which cost up to 588.5 billion yuan (about 73 billion US dollars) in 2005. [AFP]

Xinhua news agency cited the China Banking Regulatory Commission (CBRC) saying Monday the staff were involved in illegal or unauthorized business and the justice had been meted as part of an ongoing drive to overhaul banks.

China is struggling to prepare its four biggest banks -- the Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank and Bank of China -- for foreign competition in the Chinese market next year.

Under a commitment it made in joining the World Trade Organization (WTO), China has agreed to open its banking sector to competition from foreign rivals by the end of 2006.

Foreign strategic investors have been invited to invest in those banks and authorities plan to list all four banks on the stock markets.