Domestic banks must gain customer loyalty

China's largest commercial lender has admitted it is "weaker". But unfortunately, this sort of self-examination is neither made because of rising financial risks the US subprime crisis is causing nor concerned with the bank's profit prospects under a tightening monetary policy.

Yang Kaisheng, president of the Industrial and Commercial Bank of China, made such a surprising statement last week in view of the industry's poor public image. It was reported by Beijing News that Yang urged the banking association to clarify that Chinese banks are not monopolistic institutions as the public perceives.

By claiming domestic commercial lenders are the disadvantaged too, the banker seemingly tended to correct a misunderstanding some people have about the industry.