By Klaus Koehler由Klaus克勒

When the China Industrial and Commercial Bank (ICBC) opened for public trading at the stock exchange end of October, the bank raised a total of USD 19.1 billion to start with, achieving the largest initial public offering ever. 当中国工商银行（工行） ，开放予公众人士的交易在证券交易所10月底，该行提出了共计赔偿191.0亿首先，实现最大的首次公开招股。 ICBC is now the top listed bank in Asia and the fifth biggest in the world. 工商银行是目前热门的上市银行在亚洲和第五个世界最大的。

Despite the enthusiasm created by ICBC’s listing, and the fact that international advisors such as Morgan Stanley are planning to add ICBC to its standard index soon, some analysts are still concerned about the basics and fundamentals of China’s banking industry.尽管热情创造的工行的上市，和事实，即国际顾问，如摩根士丹利正计划补充工行，以它的标准指数很快，但一些分析师仍然关心基础知识和基本内容的中国的银行业。 Over a long period, loans were approved by politically motivated reasons rather than economic decisions, and on several occasions, banks previously had to be “bailed out” by the government.在相当长的时间，贷款获得批准，由政治原因而不是经济决定，并有几次，银行以前曾经被"保释外出" ，由政府决定。

History of the Banking Industry in China 历史上的银行界在中国

In the earlier years of the People’s Republic nationalization, the consolidation of the country’s banks received the highest priority.在较早年的人民共和国的国有化，巩固该国的银行获得了最高的优先权。 Therefore the banking industry was the first sector to be socialized.因此，银行界是第一部门，以社会化。 In order to maintain a firm control over all financial services, including credit and money supply, the banking system was centralized under the Ministry of Finance.为了保持坚定控制一切金融服务，包括信贷和货币供应量，银行系统是集中隶属于财政部。

In the mid 1980’s, the level of banking service in China was not at the same level as in other countries.在80年代中期，该级别的银行服务，在中国是不是处于同一水平，在其他国家。 Only a few people used savings accounts and credit cards, and cooperation between banks did not exist.只有少数几个人用储蓄帐户和信用卡，与合作银行之间并不存在。 In 1986 the first steps were made to change this.在1986年的第一步骤作了以改变这种状况。 An inter-bank borrowing and lending network was created as well as an interregional financial network.一个跨银行借贷服务网络，是创造，同时也是一个区域间的金融网络。 In June 1986 the first credit card the “Great Wall” was introduced. 1986年6月首次信用卡"长城"的简介。 It was used for foreign exchange transactions.它被用来为外汇交易。 Another financial innovation in 1986 was the re-opening of China’s stock exchange since 1949.另一次金融创新在1986年被重新开放的中国的证券交易所自1949年以来。

Since 1987 the Chinese banking system includes the following major banks:自1987年以来，中国银行体系包括以下主要银行：
People’s Bank of China, Agricultural Bank, Bank of China, China Investment Bank, China Industrial and Commercial Bank, People’s Construction Bank, Communications Bank, People’s Insurance Company of China, Rural Credit Cooperatives and Urban Credit Cooperatives.人民银行，中国农业银行，中国银行，中国投资银行，中国工商银行，人民银行，通讯，银行，人民保险公司，中国农村信用社和城市信用社。

The People’s Bank of China (PBC or PBOC) was the foundation of the banking system and once was the “Central Bank of China”.人民银行的中国（中国人民银行或中国人民银行）为基础的银行体系，一旦被"中央银行的中国" 。 Today the so called “Big Four” are the Agriculture Bank (ABC), the Bank of China (BOC), China Industrial and Commercial Bank (ICBC) and Peoples Construction Bank or China Constructions Bank (CCB) as it is called today.今天所谓的"四大" ，是农业银行（ ABC法） ，中国银行（中银） ，中国工商银行（工行）和人民银行或中国建设建设银行（ CCB ） ，因为它是所谓的今天。 Together they still hold 55% of the Chinese credit volume.两者合计仍持有55 ％的中文信贷量。

The People’s Bank of China (PBC) overlapped in function with the Ministry of Finance.人民银行的中国（ PBC ）的重叠，在功能与财政部。 After it lost many of its responsibilities, it was restored in the 1970s to its leading position.之后，它失去了许多自己的责任，这是恢复了在20世纪70年代，以自己的领导地位。 As the central bank the PBC had sole responsibility for issuing currency, controlling the money supply, served as the government treasury, the main source of credit for economic units, the clearing center for financial transactions, the holder of enterprise deposits, the national savings bank and a ubiquitous monitor of economic activities.作为中央银行的中国人民银行已是唯一负责发行货币，控制货币供应量，充当政府库房，信贷的主要来源，为经济单位，结算中心，金融交易，持有人的企业存款，国家储蓄银行和一个无所不在的监视的经济活动。 Today the PBC is responsible for the implementation of monetary policy for safeguarding the overall financial stability and provision of financial services.今天，中国人民银行负责执行货币政策，为维护整体金融稳定和提供金融服务。

The Agriculture Bank (ABC) was created in the 1950s to faciliate financial operations in the rural areas.农业银行（ ABC ）的成立于上世纪50年代，以促进金融业务在农村地区。 It provided financial support to agricultural units, issued loans, handled state appropriations for agriculture, directed the operations of the rural credit cooperatives and carried out overall supervision of rural financial affairs.它提供了财政支持农业单位，发出贷款，办理国家拨款用于农业，是针对业务的农村信用社，并进行全面监督的农村金融事务。

The Bank of China (BOC) handled all dealings in foreign exchange.中国银行（中银）处理的所有交易的外汇。 The BOC was responsible for allocating the country’s foreign exchange reserves, setting exchange rates for China’s currency, issuing letters of credit, arranging foreign loans, and generally carrying out all financial transactions with foreign firms and individuals.中银香港是负责分配该国的外汇储备，订定汇率，中国的货币，签发信用证，安排国外贷款，并普遍开展全方位的金融交易与外国公司和个人。

The China Industrial and Commercial Bank (ICBC) is the youngest one of the “Big Four”.中国工商银行（工行） ，是最年轻的一个"四大" 。 It was founded in 1984 and issued the primary bank card in 1989.它成立于1984年，并发表了基层银行卡在1989年。 It was the first Chinese bank to establish a branch outside China in 1992, and to open a branch in Europe in 1995.它是第一家华人银行设立分行外，中国在1992年，并以开放的一个分支，在欧洲于1995年。 With the ICBC, China made the first step to a representation in the international banking arena.与工行，中国实现了第一步一份意见书，在国际银行业的舞台上。

The China Constructions Bank (CCB) checked the activities of loan recipients and ensured that the funds were used for their designated construction purpose.中国建设建设银行（ CCB ）检查活动的借款人，并确保这些资金用于其指定的施工目的。 In general, the bank managed state appropriations and loans for capital construction.一般而言，银行管理的国家拨款和基础建设贷款。

In October 2005 the China Construction Bank listed successfully on the Hong Kong Stock Exchange. 2005年10月，中国建设银行上市成功对香港联合交易所上市。 With a USD 9.2 billion IPO (Initial Public Offering) it was the biggest entry in the history of the Hong Kong Stock Exchange.与美元92.00亿首次公开招股（初次公开发行） ，这是最大的入境，在历史上的香港联合交易所。 In May 2006, the Bank of China followed with an even bigger success and as mentioned before this was topped again by ICBC in October of this year when it entered the Hong Kong and Shanghai stock market with an IPO record of USD 19.1 billion.在2006年5月，中国银行，其次是一个更大的成功，并作为提过，这是突破再由工商银行在今年10月，当它进入香港和上海股市上市的纪录，美元191.00亿。

Reforms Before the WTO Entry 改革前加入世贸组织

When China was preparing for entering the World Trade Organization (WTO), China’s banking system was not on an internationally appropriate level.当中国正在准备加入世界贸易组织（ WTO ） ，中国的银行体制没有一项具有国际适当的水平。 In order to be more competitive with other countries, and to fulfill the WTO requirements, the structure of the banking organization was modified over the course of time repeatedly, to suit changing conditions and new polices.为了更具有竞争力，与其他国家相比，并履行了世界贸易组织的要求，银行业结构组织后来进行了修改过程中的时间反复，以适应不断变化的情况和新的政策。

Before joining the WTO in 2001, the reforms of China’s financial system could be divided into 5 phases:在加入世贸组织之前， 2001年的改革，我国的金融体系可分为5个阶段：

In the first phase from 1979 to 1981, China opened the finance market for banks with overseas capital.在第一个阶段从1979年至1981年，中国开放金融市场，银行与海外资本。 In 1979 China allowed 31 foreign financial institutions to open a Representative Office in China and in 1981 foreign financial institutions were allowed to set up their commercial subsidiaries only in the special economic zones.在1979年，中方允许31家外资金融机构开设一个代表处，在中国，并于1981年，外资金融机构被允许成立自己的商业子公司，只有在特殊经济区。

In the second phase from 1981 to 1989 the constitutional administration of the foreign financial institution was created step by step.在第二个阶段从1981年至1989年的宪法，政府的外资金融机构设立了一步一步来。 From 1983 to 1985 China published the People’s Bank of China’s determination about the administration of the constant substitution of foreign representations and foreign Chinese financial institutions in China.从1983年至1985年中国出版人的，中国银行的决心，对政府当局的不断替代的外交交涉和对外汉语金融机构在中国。 In addition the determination about the administration of banks with foreign capital and Joint Ventures with an interest of foreign Chinese capital in the special economic zones was also announced.此外决心，对于政府当局的银行与外资和合资企业，与有兴趣的外籍华人资金，而在经济特区，是同时宣布。 This was an official sign for the opening of the Chinese banking business.这是一个官方的迹象，日开幕的中国银行业务。

In the third phase from 1990 - 1993 foreigners were allowed to settle down in the Lujiazui area in Pudong, Shanghai, in order to establish a new financial center.在第三个阶段从1990年-1 993外国人被允许定居在陆家嘴地区在浦东，上海，以建立一个新的金融中心地位。 Because of the development of the Pudong New Zone in August 1990, Shanghai, as an outward costal city, was allowed to admit foreign commercial financial institutions and in 1992 the cities Ningbo, Nanjing, Guangzhou, Fuzhou, Dalian, Tianjin and Qingdao followed.由于发展，浦东新区在1990年8月，上海作为一个外向型肋骨的城市，允许承认外国商业性金融机构，并在1992年城市宁波，南京，广州，福州，大连，天津，青岛之后。 At the same time, China allowed an American insurance company (AIG) to establish in China in order to demonstrate considerations of opening the Chinese insurance market to foreigners.在同一时间内，中国允许美国保险公司（ AIG ）的，在中国建立起以展示考量开放，中国保险市场给外国人。

In the forth phase from 1994 to 1996 China opened non-costal cities for foreign banks and set up supra-regional financial institutions.在第四阶段，从1994年至1996年中国开放非肋骨城市，为外资银行，并成立跨区域金融机构。 The implementation of the regulation over the administration of foreign financial institution on the 1st of April in 1994 marked the standardization of the administration for these institutions.执行规管当局的外资金融机构，对4月1日在1994年显着标准化的管理，为这些院校。 In August 1994 the Chinese state council allowed 11 additional cities including Beijing to set up commercial financial institution with foreign capital.在1994年8月，中国国务院批准增加了11个城市，包括北京设立商业性金融机构与外资。 At this point, China was negotiating to join the GATT (General Agreement of Tariff and Trade, predecessor to the WTO) and they needed to speed up the opening of the banking market for foreign companies.在这一点上，中国正在谈判加入关贸总协定（总协定的关税和贸易，前任向WTO ） ，而且他们需要加快对外开放的银行业市场，为外国公司。

In the fifth and last phase before joining the WTO China opened the renminbi business for banks with foreign capital.在第五局的最后阶段才加入世贸组织，中国开放人民币业务的银行与外资。 In December 1996 the People’s Bank of China announced that foreign financial institutions, which can provide the right conditions, are allowed to do local currency business in Lujiazui Pudong New Zone.在1996年12月，人民银行宣布，中国的外国金融机构，可以提供适当的条件下，是不允许这样做当地货币业务的陆家嘴，浦东新区。 In August 1998 five banks with foreign capital received permission from the Chinese state council to do local currency business in the special economical zone of Shenzhen. 1998年8月， 5家银行与外国资本获得了批准，由中国国务院做当地货币业务的特殊经济区的深圳。 In July 1999 the People’s Bank of China expanded the local currency business to the foreign banks in Shanghai und Shenzhen. 1999年7月，人民银行对中国扩大当地货币业务的外资银行在上海und深圳。

Next week part II on China’s Banking Industry下周第二部分对中国的银行业

Klaus Koehler, Managing Director,克劳斯克勒，董事总经理， Klako Group klako组