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Bank

By Jennifer Anderson,2014-06-20 06:22
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Bank

    Bank

    _——

    BankofChinaopenedaprivatebankingserviceinBeijingandShanghai.thefirstlocalbanktot

    argetthegrowingranksofthesuper richinChina

    TheserviceisonlYforcustnmers withoverUS$lmilliontoinvestandls ajointprojoctwithitspartnertheRoyal BankofScotand(RBS.whichowns

    about4_4%oftheChil'~sebank. "Thethingthatexcitesusisiust thesizeofthemarketplacesaidFred Goodwin.chiefexecutiveoftheRBS ChjDawashometo320,000

    mionajresin2005.acenrdjngtoa reportbyCapgeminiandMerrillUynch Thetotalassetsheldbythisgroup toppedUS$l59r.11ionatthe"me.

    rankjngChinaNo2intheAsiaPacific

    regionafterJapan

    Thatnumberisboundtoincrease rapidlygiventhecountry'sCOntinuing economicboom.saidLjLihuj.president ofBankofChina

    Theprivatebankingbuslhesswould operateunderBankofChlna'sname tostartw"h.bnGoodwlnsajdthe

brandingmaychart2eover

    time

    Initially.thebustheSS

    wiJofferl2Products

    includingforeignexchange,

    subscriptionstoinitialpublic offeringsandprivateequity

    saidYueYigeneralmanager

    ofpersonalbankingatBank

    nfChina

    BankofChinasprivate

    clientcustomerbase.

    combinedwiththeexperience

    0IlRBSininternationaIprivatebanking givesitaI1unrivalledpnsitionforthe business,Goodwinsaid.

    ForeignbankssuchasBNP

    Paribas.CItibankandDeutscheBank havealreadybegunprivatebanking

    operationsnChjna.0

    ?4

    [——J

    ChinaLeadsWorldinChina'sService NonferrousMetalsOutputTradetoReach hinahasledtheworldinnonlerrousmetalsoutputforfive

    IyearsinarOW.saidsourceswiththeChinaNonferrous

    ,,MetalsIndustryAssocimionfCNMIA). ThecountrysoutputoftenmainltonfetrOllSmetals,including

    copper,alnminnmnicke1.1cad,zincandmagnesium,surged17,48%

vea0nyearto19.17milliontonsjn2006

    ThecountryproducedIhl~emilliontonsofcopper.9.35millinn 囹吲

    hina'sservic霉豪

    Theproposalssayreformsshouldbedeepenedinthe telecom,railwayandcivilaviationsectors,easiermarket accessprosqdedforinvestorsintheseareas,competition increasedandnonstateserx4ceenterprisesfostered.

    Accordingtotheproposals,by2010theservice

    sectorwillcontribute43%ofChina'sgrossdomestic product.Theservicesectorwillbecomedominantin soFnelargerciti~andwilloutperformthenationalGDP grrowthrate.

    By2020.serviceswillaceoni3[forrnorethan50%nf China'sGDP,theproposalssay

    Thepro[Iosalsanderlinetheneedforfurther

    investment,includingprivateinvestment,andpreferential polioiesjn廿leservicesector.

    Bankswil1beencouragedtolendtoservice

    enterprisesthatconformtostateindustrialpolicies,and aidextendedtoeligibleserviceenterprisessothatthey canraisemobeyonthedomesticandoversetscapital markets.0

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