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Reforms in the PRC open new opportunities for foreign banks

Economic experts of foreign banks have high hopes for cooperation with the PRC due to the fact that the government promises to increase support for the real sector of the economy amid its slowdown.

“Chinese enterprises will become more active with foreign ones thanks to reforms that will allow us to play in the open market of China the same roles that local banks play,” said Clarence Tao, chairman of the China branch of BNP Parisbas, at the international financial summit, which opened today in the north the eastern Chinese city of Shenyang, Liaoning province.

The growth rate of the Chinese economy slowed to the lowest level in the last year and a half, in the first quarter of this year the growth was 7,4%. The government promised to increase support for the real sector of the economy in order to lay a solid foundation for economic growth.

According to a statement promulgated after the meeting of the Political Bureau of the CPC Central Committee, the government will expand support for small and micro enterprises, as well as agriculture, rural areas and farming, moreover, more efforts will be directed at increasing the rate of economic restructuring.

Zhang Zhihao, head of the board at Standard Chartered Bank, said that foreign banks can take advantage of reforms to promote the internationalization of state-owned enterprises, provide financial services in rural areas and increase the number of financial services online - Chinese media reported.

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