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ID Section 6 (FE)
VISIT OF MR LI GUIXIAN, GOVERNOR, PEOPLE'S BANK OF CHINA
He
1 Mr Li Guixian called on the Governor on Tuesday 16 June.
was accompanied by Mr Bai Wenqing, Deputy Governor, Mr Li Yumin,
General Manager, People's Insurance Company of China, and
Mr Pang Weiya, interpreter.
2 The Governor welcomed Mr Li to the Bank and expressed pleasure
at the People's Bank's decision to open their first representative
office in London. He said there was great interest in the Chinese economy and its reform programme, and in particular in the progress
in the financial sector. He asked what further plans the PBC had
to continue the development of the Chinese banking system and to
strengthen the PBC's regulatory role.
3 Mr Li in response thanked the Governor for his invitation to
London and said he was looking forward to the Governor's visit to
China in October. He also expressed the PBC's thanks for the Bank's help in setting up their representative office.
4 Mr Li went on to explain that China was accelerating the pace
of reform and opening up. There was therefore a need to speed up
the development of the securities industry: the regulation of the
securities market was a big task in which the PBC lacked
experience. It was Mr Li's intention to establish a non-governmental organisation for the regulation of the securities
industry, and he was keen to learn from the UK's mechanisms.
was also China's intention to develop further its banking and
insurance industries. There were new Chinese banks and some 40
foreign banks in China already, with more to open.
It
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