OTHER NEWS - Dec. 14, 1992

China Seeks to Bolster Financial Industry: Foreign banks will play a greater role in China under a plan designed to bolster the nation’s financial industry, an official newspaper reported. Under the plan, Chinese banks also will be encouraged to open more offices overseas, the China Daily’s Business Weekly reported. So far, Chinese banks have set up more than 500 affiliates around the world. By November, 225 representative offices of banks from 29 countries had been set up in 14 Chinese cities. “Opening our financial markets will have a positive effect on China’s financial industry in terms of helping China pool foreign capital and introduce new management techniques to our own banks,” Chen Yuan, vice governor of the People’s Bank of China, said.