BEIJING -- China's State Council held an executive meeting Wednesday, to
examine and approve in principle the draft of the regulations on the
administration of foreign-funded banks.
The formulation of the regulations is aimed to meet the requirements of
China's opening to the outside world and economic growth as well as to
strengthen and improve the supervision and administration over foreign-funded
banks and for the stable operation of the whole banking industry in the country,
according to the meeting.
The meeting, which was chaired by Premier Wen Jiabao, also studied the issue
of readjusting and regrouping state-owned companies.
The participants agreed that the country has made major breakthroughs in
reforming the managerial system of state-owned enterprises. They called the
readjustment and regrouping of state-owned firms "a major task for the country's