TNAG-2792-FCO40-4031-Relations-between-Hong-Kong-and-China-1993 — Page 106

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At

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The Bank of China's monopoly power in making

foreign currency loans to local enterprises was

reduced, with the emergence of a new class of

merchant banks such as the China International

Trust and Investment Corporation (CITIC) in the

1980s.

CITIC participates in all forms of

co-operation with foreign investors and is

authorised to raise funds and made investment abroad (2).

•

Provincial level authorities

have also set up

organisations similar to CITIC (these local

are organisationally not related to CITIC)

also issued bonds

CITICS

and through them have

overseas.

The national CITIC has obtained a

licence for a full services bank which enables it

present,

the following ten financial institutions in China are allowed to raise funds from overseas:

(i) Bank of China

(ii)

People's Construction Bank of China

(iii)

China Investment Bank

(iv)

China International Trust and Investment Corporation

(v)

Bank of Communications

(vi)

Fujian

International Trust and Investment

Corporation

(vii)

Guangdong International Trust and Investment Corporation

(viii)

Hainan International Trust and Investment Corporation

(ix)

Dalian International Trust and Investment Corporation

(x)

Tianjin International Trust and Investment Corporation.

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