国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

   
  home feedback about us  
   
CHINAGATE.OPINION.Finance    
Agriculture  
Education&HR  
Energy  
Environment  
Finance  
Legislation  
Macro economy  
Population  
Private economy  
SOEs  
Sci-Tech  
Social security  
Telecom  
Trade  
Transportation  
Rural development  
Urban development  
     
     
 
 
IPO will assist overall reform of banking sector


2006-07-12
China Daily

On July 5, when the Bank of China (BOC) launched its initial public offering (IPO) on the Shanghai Stock Exchange, the market reacted warmly and pushed its stock prices high above its original price.

BOC's listing on the A-share market has a significance that cannot be overstated.

The listing, coming soon after the government lifted its year-long ban on IPOs in May, is valuable both to the development of BOC and the overall fortunes of the domestic stock market.

Individual and institutional investors at home and abroad have carefully analyzed BOC's investment value, pointing to its numerous advantages, including a higher income from intermediary businesses than its competitors, as well as its long history as a well-known brand.

However, judged in terms of its business model, market competence and corporate governance, BOC differs little from other State-owned banks that have yet to go public or get listed on overseas capital markets.

Instead of simply buying BOC stocks, investors who purchase BOC shares are in fact trying to make inroads into China's banking industry.

A number of factors have attracted these investors  China has a booming financial market and good economic prospects, while Chinese banks have an extensive network of branches and some have established strategic partnerships with strong allies.

On the whole, China's banking sector is very appealing.

This charm is mainly a result of government support, the ongoing reform of the financial sector, the Chinese economy's bright prospects and strict controls over entry to the banking sector.

It is this charm that results in the high value of bank shares, rather than the strengths of any particular bank.

Therefore, given the fact that BOC and several other lenders have gone public, it is time for them to find their own value.

To this end, banks should stop depending on external factors such as preferential policies and government support in the disposal of non-performing assets.

State-owned banks, including BOC, should instead take steps to improve their internal management and corporate governance.

When they become more profitable, these banks will turn themselves into more valuable assets on the capital market.

Although this task will not be an easy one, it is certain to pay rich dividends, and it is certain to change both the State-owned banks and the nation's banking industry.

As a matter of fact, BOC's advantages are not as solid as they appear to be in investors' analyses.

BOC admittedly has an edge over other banks in terms of trade and foreign exchange, but this edge simply comes from a specialization designated under the planned economy.

This specialization is now a source of great risks for BOC.

BOC's trade-related business is now a major source of its non-performing assets. Its heavy reliance on foreign exchange has also exposed BOC to huge risks in terms of exchange rate fluctuations.

And BOC's well-known network of overseas branches does not contribute much to its profits.

Apart from BOC Hong Kong, the only purpose most of these subordinate organizations serve is to publicize BOC in overseas markets.

BOC devoted a considerable part of its IPO prospectus to explaining the bank's frequent criminal cases in recent years. This indicates improved transparency.

These cases did not take place without good reason. BOC opened its renminbi retail business much later than other banks in China, making it less capable of controlling risks and finding its position in the market.

Even its great advantages in trade and foreign exchange are not insurmountable. For example, in Suzhou, Jiangsu Province, the Agricultural Bank of China has already beaten BOC in terms of foreign exchange business.

BOC's IPO on the Shanghai Stock Exchange was a milestone in the reform of State-owned banks. It also offers an important starting point.

BOC's IPO should not be regarded as an invitation for the public to share in its monopoly profits, but rather as a measure to encourage more investors to take part in the reform of China's financial sector.

Investors are encouraged to play their due role in supervising BOC's corporate governance, urging it to improve its management, enhance business transparency and increase its profitability.

The capital market is the engine propelling BOC towards further reform. It will no longer need governmental support to brighten up its balance sheets. Instead, it will gain profitability as it creates value for its clients. As a result, it will win increased value on the stock market.

In this process, BOC will be more efficient in the allocation of its resources, the banking industry will have improved risk controls, and the money the public entrusts to the financial sector will be better used.

As a result, BOC, the financial sector and the country all benefit. That is the target of reforming State-owned banks and it is also the incentive for financial reform.

The author Ba Shusong is deputy director of the Institute of Finance with the Development and Research Centre under the State Council.

 
 
     
  print  
     
  go to forum  
     
     
 
home feedback about us  
  Produced by m.512aiai.com. All Rights Reserved
E-mail: webmaster@chinagate.com.cn
亚洲视频axxx| 污视频免费在线看| 极度色播免费播放视频| 亚洲日韩第九十九页| 91av在线免费观看| 欧美大片免费观看| 欧美成年人在线观看| 色狠狠久久aa北条麻妃| 自拍视频国产精品| 亚洲性av网站| 国产亚洲欧洲黄色| 一区二区成人精品| 中文字幕少妇一区二区三区| 永久555www成人免费| 亚洲午夜精品久久久久久久久久久久| 亚洲精品国产电影| 日韩精品丝袜在线| 国产视频亚洲视频| 亚洲片在线观看| 国产亚洲精品va在线观看| 亚洲欧美日韩精品久久| 亚洲色在线视频| 尤物99国产成人精品视频| 在线看日韩欧美| 自拍偷拍亚洲欧美| 久久成人亚洲精品| 欧美激情精品久久久| 欧美激情亚洲自拍| 欧美一区第一页| 狠狠色综合久久婷婷| 四虎免费视频| 国产精品亚洲综合久久小说| 91蝌蚪九色| 成年黄网站在线观看免费| 0608新视觉| 国产黄色高清在线| 中午字幕在线观看| 毛片在线播放网站| 欧美三级电影一区二区三区| 性欧美videos高清hd4k| 国产精品yjizz视频网| 日韩a**中文字幕| 久久99久久久精品欧美| 99ri日韩精品视频| 精品国产一级毛片| 欧美日韩1区2区3区| 野花国产精品入口| 久久国产乱子精品免费女| 国产福利一区二区| 久久影视一区二区| 亚洲欧美色图小说| 欧美日韩一区二区免费视频| 欧美日韩一区二区三区在线 | 日本成在线观看| 尤物视频免费在线观看| av在线收看| 女人黄色免费在线观看| 亚洲伦乱视频| 中文字幕日韩在线| 精品一区二区三区的国产在线观看| **女人18毛片一区二区| 国产女优一区| 国产一区二区福利视频| 久久久另类综合| 一区二区在线观看免费视频播放| 色综合久久中文综合久久97| 欧美一区二区三区人| 亚洲欧美国产一本综合首页| 欧美精品在线观看| 欧美中文字幕一二三四区| 免费能直接在线观看黄的视频| av在线你懂的| 天堂影院在线| 蜜乳av一区| 亚洲国产aⅴ精品一区二区三区| 欧美有码在线| 一区二区三区在线电影| 日韩福利视频网| 99麻豆久久久国产精品免费| 亚洲电影免费观看高清完整版在线观看 | 亚洲在线一区二区三区| 欧美日韩综合在线免费观看| 日韩av有码在线| 欧美肥婆姓交大片| 国内精品女同女同一区二区三区| 成人拍拍拍在线观看| 国产一区精品| 色戒汤唯在线| 另类ts人妖一区二区三区| 欧美午夜在线| 国产高清不卡一区| 亚洲精品高清视频在线观看| 欧美视频第二页| 亚洲图片在线综合| 男人天堂va| 成人免费淫片95视频观看网站| 韩国精品视频| 女生影院久久| 欧美猛男同性videos| 亚洲黄色录像| 一区在线免费| 粉嫩av亚洲一区二区图片| 亚洲三级在线观看| 69堂精品视频| 欧美成人精品三级在线观看| bdsm国产| 丝袜视频国产在线播放| 久久久男人天堂| 欧美黑人巨大videos精品| 99在线精品免费视频九九视| 99riav久久精品riav| 精品成人乱色一区二区| 日韩毛片在线看| 中文字幕av高清片| 毛片一级免费一级| 免费影视亚洲| 日韩电影在线观看完整免费观看| 翔田千里一区二区| 国产婷婷色一区二区三区| 91福利在线导航| 国产一区二区精品丝袜| 欧美黄色免费视频| 网址你懂得在线观看| 午夜不卡影院| 青青草成人影院| 国产肉丝袜一区二区| 亚洲成人动漫av| 日韩av在线影院| 亚洲高清在线免费| 国产1区2区3区| 2018狠狠干| 黄色成人影院| 亚洲一区电影| 奶水喷射视频一区| 国产精品欧美一级免费| 91精品在线一区二区| 久久久久久久久久亚洲| 激情亚洲综合网| 免费不卡av| 免费毛片在线不卡| 国产一区二区三区日韩| 亚洲成人中文在线| 伊人久久五月天| 少妇bbw搡bbbb搡bbbb| 日本网站在线免费观看视频| 国产精品久久久久久久久久白浆| 三级一区在线视频先锋| 亚洲欧美视频在线观看视频| 精品中文字幕久久久久久| 欧美色图久久| 国产在线一在线二| 97se亚洲| 麻豆精品国产传媒mv男同| 亚洲第一综合色| 这里只有视频精品| 春意影院午夜免费入口| 日本一本在线免费福利| 欧美系列电影免费观看| 高清不卡一二三区| 欧美三级蜜桃2在线观看| 久久青草福利网站| 午夜影院网站| 日本欧美在线| 一本色道久久精品| 亚洲美女屁股眼交| 在线观看国产精品91| 福利电影在线| 久久青草伊人| 亚洲网站视频| 亚洲码国产岛国毛片在线| 亚洲天堂网站在线观看视频| 九九爱在线视频观看免费视频 | 国产日韩专区| 亚洲免费观看视频| 中文字幕日韩精品在线观看| 97cao在线| 成人看片在线观看| 国产日韩亚洲欧美精品| 午夜在线成人av| 欧美日韩高清在线观看| 少妇精品放荡导航| 日韩精品视频中文字幕| 狠狠久久亚洲欧美| 欧美日韩一区成人| 99久久亚洲| 嫩草香蕉在线91一二三区| 免费看成人吃奶视频在线| 99久久精品国产一区二区三区| 日韩精品专区在线影院观看| 欧美黑人巨大xxxx猛交| 91在线中字| 自拍视频亚洲| 亚洲欧美另类久久久精品2019| 视频一区视频二区国产精品| 国内在线高清免费视频| 99久久婷婷国产综合精品电影| 日本一区二区三区在线观看视频| 亚洲高清国产拍精品26u| 日本aⅴ亚洲精品中文乱码| 欧美日韩一区二区在线 | 欧美日韩大片| 亚洲在线网站| 日韩欧美亚洲成人| 天堂网中文在线| 麻豆视频在线观看免费| 国产精品传媒精东影业在线 | 又紧又大又爽精品一区二区| 久久久精品在线观看| 久草在线新视觉| 另类图片第一页| 久久久影视传媒| 一区二区三区回区在观看免费视频| www.1024| 一区二区三区亚洲变态调教大结局| 国产成人aaa| 亚洲国产古装精品网站| 日日操天天摸| 精品久久久久久久久久岛国gif| 国产精品一区专区| 91精品免费观看| 青草视频.com| 欧美美女被草| 国产成人av在线影院| 日韩va亚洲va欧洲va国产| 2018高清国产日本一道国产| 精品久久国产一区| 99re成人在线| 中文字幕在线观看日韩| 无人视频在线观看免费| 日韩一区三区| 亚洲午夜激情网页| 国产主播一区二区三区| 欧美日韩综合色| 91看片免费| 福利精品一区| 懂色av一区二区三区免费观看 | 欧美大片aaa| 日韩中文首页| 亚洲一区二区精品视频| 最近中文字幕在线6| 波多野结衣在线高清| 老司机精品福利视频| 日韩一区二区三区精品视频| 天天色天天草天天射| 一区二区三区国产好| 国产亚洲女人久久久久毛片| 不用播放器成人网| 日本成人网址| 免费一区视频| 日韩免费性生活视频播放| 成人h动漫在线| 精品一区免费| 亚洲自拍偷拍欧美| 日韩不卡高清| 成人免费网站www网站高清| 岛国av在线一区| 最近2019中文字幕第三页视频 | 麻豆乱码国产一区二区三区| 91社区在线观看| 国产精品综合| 日韩精品在线网站| 曰本人一级毛片免费完整视频| 免费短视频成人日韩| 亚洲午夜激情av| 亚洲二区在线观看| 香蕉久久成人网| 国模冰冰炮一区二区| 国产白丝精品91爽爽久久| 在线观看欧美视频| 91在线观看| 玖玖视频精品| 日韩av在线免费观看| 香蕉av在线| 伊人久久亚洲美女图片| 欧美一区二区三区小说| 高清av影院| 欧美一区二区三区高清视频| 天天影视网天天综合色在线播放 | xxx视频在线观看| 日韩精品免费一区二区夜夜嗨 | 最新国产在线| 国产精品chinese| 91精品国产综合久久久久久久 | 国产精品一区二区久久不卡| xxxxx成人.com| 后进极品白嫩翘臀在线播放| 欧美精品网站| 欧美日韩成人在线| 日本调教视频在线观看| 午夜激情久久| 欧美美女一区二区三区| 亚洲a∨精品一区二区三区导航| 在线国产一区二区| 欧美日韩精品一区二区三区四区 | xxx欧美精品| 国产三线在线| 成人av网站免费| 久久男人av资源网站| 日韩免费小视频| 亚洲国产精品精华液2区45| 四虎国产精品成人永久免费影视| 国产精品高清一区二区| 亚洲少妇屁股交4| 国产精品伦理一区二区三区| 国产精品亚洲欧美一级在线| 丁香激情综合五月| 97久久精品视频| 极品视频在线| 久久久久国产成人精品亚洲午夜| 国内精品视频久久| 国产另类xxxxhd高清| 久久久综合精品| 嫩模一区二区三区| 国产精品1区| 亚洲另类在线视频| 精品免费视频一卡2卡三卡4卡不卡| 婷婷久久综合九色综合99蜜桃| 中文字幕av一区二区三区免费看 | 国产精品社区| 亚洲欧洲国产一区| 成人区精品一区二区不卡| 国产在线乱码一区二区三区| 欧美精品久久久久a| 亚洲伦乱视频| 国产精品久久久久久久久免费相片 | 一本一本久久a久久精品综合小说 一本一本久久a久久精品牛牛影视 | 欧美中文字幕久久| 国产黄色高清在线| 国产精品麻豆久久| 亚洲а∨天堂久久精品喷水| 国产午夜精品一区理论片| 精品一区二区三区日韩| 久久人人爽亚洲精品天堂| 蜜桃视频在线观看免费视频| 亚洲国产高清aⅴ视频| a√在线中文网新版址在线| 国内精品美女在线观看| 精品久久一区二区三区| 日本www在线| 国产成人在线色| 久久成年人免费电影| 成人免费在线观看视频| ...av二区三区久久精品| 成年人在线免费| 羞羞色午夜精品一区二区三区| 欧美一级生活片| 日本福利在线| 懂色av中文一区二区三区| 国模精品视频一区二区三区| 国产在视频一区二区三区吞精| 亚洲日本va在线观看| 天天草天天草| 国内精品久久久久久久97牛牛 | 精品一成人岛国片在线观看| 日韩成人av在线资源| 欧美日韩你懂得| av网站在线免费观看| 国产美女一区二区| 午夜欧美不卡精品aaaaa| 精品国产亚洲一区二区三区在线| 亚洲成人免费观看| 污污网址在线观看| 美女视频黄 久久| 久久五月天综合| 电影一区中文字幕| 欧美丝袜美女中出在线| 四虎在线观看| 久久99久久99精品免视看婷婷| 理论片在线不卡免费观看| 99久热在线精品视频观看| 精品久久久久久久久国产字幕| 最新av番号| 蜜桃视频一区二区| 91av视频在线播放| 亚洲伊人精品酒店| 欧美性猛交99久久久久99按摩| 黄页免费在线观看| 国产精品原创巨作av| 亚洲综合爱爱久久网| 日韩久久综合| 国产丝袜视频一区| 在线视频cao| 欧美视频在线视频| 激情小视频在线| 久久综合久色欧美综合狠狠| 怡红院视频网站| 国产精品成人一区二区网站软件| 丝袜美腿精品国产二区| 国内欧美日韩| 欧美日韩国产小视频在线观看| 亚洲s色大片| 国产精品理伦片| 国产美女av| 乱人伦精品视频在线观看| 亚洲第一免费看片| 欧美偷拍自拍| 日韩一级黄色av| 欧美电影院免费观看| 69精品人人人人| 美女91在线|