China’s financial institutions have all recorded dramatic achievements in capital adequacy rates, asset quality and risk management while expanding their operations, says the China Banking Association in its social responsibility report, which is claimed to be the first of its kind on the mainland.
The report, compiled by 51 banks, all members of the association, said that by the end of 2007 China’s financial institutions had assets of 56,600billion yuan ($8,280bn, £5,550bn), 19.7 per cent more than in 2006. The industry’s total debt was 4.96bn yuan, up 18.8 per cent.
The report shows that in 2007 the banks paid nearly 197bn yuan in taxes, and that they benefited the national economy, charity and environment protection.
