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China’s Banking Reform and Profitability1

Erh-Cheng Hwa Yang Lei

1. Introduction

The World Bank (1997) once claimed that China’s financial sector was the soft-belly in the economy. Financial sector reform has long been argued as necessary to raise efficiency in the use of the capital and in rebalancing the economy toward consumption-based growth, without which the country’s growth sustainability is in jeopardy (see Lardy, 1998; Prasad, 2007).Indeed, not too long ago, China’s state banks were deemed “technically insolvent” and their survival hinged solely on the nation’s abundant liquidity.However, after the launching of banking reform, strong profitability has returned to state commercial banks recently. But it may be too early to declare a complete victory on banking reform as yet, since Chinese state banks have embarked on the path of reform not too long ago. In addition,their strong financial performance has ridden on the back of strong but unsustainable growth. As growth has begun to soften under the weight of a global recession in 2008, banks are expected to navigate in a more difficult economic terrain than hitherto. The aim of this paper is not to evaluate the effect of banking reform on bank performance, which is better tackled after the completion of a full credit cycle. Rather, our aim is to take stock of the progress in reforming China’s state banks by reviewing the banking reformstrategy and analyzing their recent strong post-reform financial performancewhich, however, cannot be entirely separated from reforms efforts undertaken thus far.

This paper has three sections. In Section 2, we review the reform strategy of China’s large state banks, which is the main thrust of China’s banking reform, as well as its implementation. The Section 3 analyzes 2007 financial performance

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Review of Pacific Basin Financial Markets and Policies

Vol. 13, No. 2 (2010) 215–236 © World Scientific Publishing Co.

and Center for Pacific Basin Business, Economics and Finance Research DOI: 10.1142/S0219091510001925

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focusing on the four largest state commercial banks that have floated shares in the market: Industrial Commercial Bank of China (ICBC),China Construction Bank (CCB), Bank of China (BOC), and Bank of Communications (BOCOM). The conspicuous exception is Agriculture Bank of China (ABC), which is still in the process of restructuring for market listing at an appropriate time later. Section 4 concludes with an assessment on bank performance.

2. Bank Reform Strategy and Its Implementation

2.1. Bank reform strategy

Before reform, state banks were solely owned by the State and served national economic policy goals.1 Since they were not wholly profit-making commercial entities, common commercial banking criteria for evaluating their financial performance do not apply strictly. Nevertheless, as soon as the country decided to embark upon the path of a socialist market economy in the October 1992 CCP Congress, commercialization of the state banks had become a foregone conclusion. The goal of banking reform is to turn state banks into commercial entities that are competitive in the marketplace and can provide efficient intermediation of the nation’s saving. Given their dominance in financial intermediation, the banks play a crucial role in the efficient allocation of capital.

2.1.1. Creating the enabling environment for banking reform

The country’s market reform and opening program has greatly accelerated since 1992 when in October that year the 14th CCP Congress declared that the goal of reform and opening was to create a socialist market economy,which effectively ended the experimental nature of economic reform and opening program launched since the late 1970s. The firming up of market-oriented reforms has created an enabling environment for a host of reforms central to the socialist market economy construct including foremost the banking reform. In early 1994, in response to the inflation threat, the government launched macroeconomic reform encompassing central banking,exchange rate management, and fiscal policy and taxation. The macroeconomic reform permitted the central authorities to regain macroeconomic control lost to local authorities in the decade of the 1980s under the decentralization policy of “fang quan rang li”.2 While decentralization ushered a period of rapid growth, it also generated significant macroeconomic instability.Indeed, the pursuit of macroeconomic reform significantly dampened macroeconomic cycles in the 1990s.

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Second, in the same year, the government created three policy banks —State Development Bank, Agriculture Development Bank, China ExportImport Bank — to relieve state commercial banks of their traditional policy mandates.

Third, the government promulgated central banking and commercial banking laws in 1995 to provide the legal foundation for banking reform.

Fourth, beginning from 1996 the government began to vigorously pursuit enterprise reform that paved the way for banking reform, even this resulted in large and painful layoffs of redundant state workers. Pursuing

enterprise reform ahead of banking reform was necessary considering that state-owned enterprises were the main clients of state banks and hence their main source of non-performing loans NPLs, which was at the same time the contingent liability to the government. Hence, unless the reform of stateowned enterprises takes hold, any reform effort of the state banks would be in vain. On the other hand, as soon as the state-owned enterprise reform was pressed forward, the banking reform could no longer be postponed. This is because as state-owned enterprises were restructured, liquidated, merged, or bankrupted out of existence, the banks must start to recognize the hidden losses on their books. This, in turn, triggered the need to recapitalize the banks, as a large amount of non-performing loan was written-off.

Fifth, the State Council in February 2002 decided to reform solely stateowned commercial banks into internationally competitive financial enterprises, transform them into state-controlled shareholding commercial banks,and encourage listing their shares in the market.

Sixth, China Banking Supervisory Committee was created in 2003 to raise the regulatory capacity to supervise banks. Finally, adhering to the 2001 WTO accession agreement, the government uses the entry of foreign banks into the local banking market to inject competitive pressure to the local banking industry in order to gain efficiency. Beginning from the end of 2006, foreign banks can engage in local currency business.

2.1.2. Reforming corporate governance and restructuring the balance sheet

The country’s large state banks have followed several steps to undertake internal corporate reform. The first is to reform the corporate governance by inviting other investors to dilute the sole state ownership while still retaining its dominance. In

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particular, the banks have made an effort to seek foreign strategic partnership with the view to bringing in modern banking practices and technology. The broadening of ownership also entails selling a portion of bank shares to the equity market to make bank management accountable to the marketplace. To successfully woo outside investors, be it strategic partners or public investors, the banks must put forward a creditable inhouse reform plan and implement it credibly. No doubt, the better and more credible the internal reform plan is, the more likely it is for the banks to attract reputable outside partners and fetch a better deal with their counterparts or in the equity market.

Hence, the first step the government undertook was to strengthen the balance sheet of state banks whose credit flows had been clogged up by inadequate capital and piles of bad debts accumulated under the previous economic planning regime. In 1998, the government issued RMB270 billion (US$32.6 billion) worth of 30-year fiscal bonds to recapitalize the balance sheets of the four largest state banks: ICBC, BOC, CCB, and ABC in order to comply with the international capital adequacy standards. Again, on December 30, 2003, the government provided US$22.5 billion each to CCB and BOC, with US$15 billion provided later in April 2005 to ICBC to support their respective listings in the Hong Kong stock exchange.Among the four largest state banks, CCB was the first to have its shares successfully listed in the Hong Kong stock exchange and thus the first to have its reform effort passed by the market test. In addition, as part of the scheme of recapitalization, the banks also issued subordinated debt to the local market:BOC, RMB60 billion; CCB, RMB40 billion; ICBC, RMB35 billion; and BOCOM, RMB12 billon.

In 1999, the government created four asset management corporations AMCs, one for each of the “big four”: ICBC, CCB, BOC, and ABC, to manage RMB1.4 trillion of loans purchased from the books of the state banks at face value, of which 1.3 trillion were deemed non-performing (about 15% of GDP). The transaction was financed partly by central bank loan(RMB573 billion) and partly by treasury bonds (RMB820 billion). A second transferring of NPLs in the amount of RMB1.186 trillion to the AMCs took place during the period from June 2004 through June 2006. The banks also launched reform measures to improve internal management including strengthening the human resource base, introducing modern risk management practices, and moving up the standard of NPL classification to comply

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with the international standards.

2.2. Implementation of reform

2.2.1. Seeking diversification and attracting foreign strategic partners

Following the blueprint of reform, the banks have successfully launched and implemented the reform strategy. ICBC, CCB, BOC, and BOCOM all have their full state stake in the company diluted to below 70% by incorporating non-state ownerships, which includes foreign ownership, domestic legal persons, and public ownership (publicly owned and traded shares). Among non-state owners, foreign strategic partnership usually has the highest stake in the company: ICBC, 7.2%, BOC, 13.9%, CCB, 10.3%, and BOCOM,18.7% (Table 1).

The participation of foreign and domestic capital as well as public shares in state commercial banks has not only strengthened bank capital, but also exerted a positive influence on the corporate governance, in particular in the case of foreign participation, in so far as it stems the undue intrusion of government into the banking business. Second, all state commercial banks have installed modern corporate governance structure encompassing shareholders congress, corporate board plus outside directors and supervisors,supervisory board, and senior management structure. By the end of 2007, 33 foreign institutional investors have invested in twenty-five domestic banks, with a total capital injection of US$21.3 billion.These foreign strategic investors have entered in various strategic corporative agreements with domestic partners in widely diversified areas of banking,including retail banking, corporate governance and risk-management,trading, RMB derivatives and currency swaps, foreign exchange structured products, and trade and small-and-medium enterprises SME financing. In addition, domestic banks and their foreign partners share their networks and custom base for providing services and cross-selling financial products.Finally, human resource development program is a common feature in strategic corporative agreements, with training courses offered in SME management and financing, wealth management, fund trading, risk management, and implementation of the Basel Capital Agreements, etc.

2.2.2. Successful public listings

After launching internal restructuring and successful attraction of reputable foreign strategic partners, state commercial banks were successful in listing their shares in the Hong Kong (H share) and Shanghai (A share) stock exchanges and hence for the first

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time subject to the market discipline:BOCOM, June 2005; CCB, October 2005; BOC, June 2006; ICBC, October 2006 (which was the first double listing in both the Hong Kong stock exchange and the Shanghai stock exchange). Public listing of bank shares together raised RMB445 billion (US$60 billion) in the open market, about 26% of combined net capital. In comparison, the funds raised through foreign strategic partners was US$15 billion. In 2007, two small shareholding banks were listed in the Shanghai stock exchange, bringing the total listed to seven among 12 shareholding banks. In addition, three city commercial banks based, respectively, in Beijing, Nanjing, and Ningbo were listed in the Shanghai A share market, paving the way for other city commercial banks to restructure and then seek listing in the stock exchange. Having benefited from rising share prices, ICBC, CCB, and BOC were, respectively, the first,second, and the fourth largest bank in the world by market capitalization at the end of 2007: US$338.9 billion, US$2202.5 billion, and US$197.8 billion.

2.2.3. Strengthening capital

By the end of 2007, nearly 80% of banks by asset have fulfilled capital adequacy standards. The capital adequacy ratio for the four listed state commercial banks was, respectively, 13% for ICBC; 13.3% for BOC; 12.6% for CCB; and 14.1 for BOCOM. The core capital adequacy ratio was, respectively, 11% for ICBC; 10.7% for BOC; 10.4% for CCB; and 10.2% for BOCOM.

2.2.4. Building risk management systems

Since 2006 CCB and other large state commercial banks have begun to introduce a vertical risk management system to consolidate risk management into the hands of the newly created chief risk officer. The reform has helped to stem undue interferences in the loan decision process at the local level. At the same time, by taking advantage of information technology, banks have begun to streamline and optimize the operational processes and procedures in order to reduce operational risks. Banks have also begun to use quantitative risk models to gauge and simulate various risk scenarios facing them such as stress test. The concept of economic/risk capital has been adopted to manage risk quotas, allocate bank resources, and pricing of products. Banks have also strengthened the analysis of market and liquidity risks while controlling operational risks through improved internal control procedures by employing quantitative tools and models. Last but not least, banks have taken steps to build a new risk or credit culture.

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2.2.5. Pursuing strategic transformation of the business model

Chinese banks have traditionally focused on corporate businesses, the wholesale banking so to speak. However, as the local capital market gradually matures and the income and wealth of Chinese households continue to grow apace, the banks find growing business opportunities in consumer-oriented financial services such as mutual funds, mortgage financing, wealth management, and personal loans. These are also areas of financial services where the newly arrived foreign banks aim to capture with their competitive strength.Hence, both for seeking new sources of profit growth and achieving a more diversified and balanced revenue base, as well as for meeting the competition from foreign banks head on, the Chinese banks are compelled to seize the opportunity and meet the challenge to embark on the path of a strategic transformation of the traditional business model toward retailing banking.New thrusts of retail banking include credit card, personal loans, and wealth management, mutual fund, insurance products and other products generating fee-based income. Retail banking, in turn, has called for greater investment in information technology to develop efficient systems in processing personal loan, internet banking, and tele-banking, as well as improve the efficiency of retail networks to better serve the needs of retail customers.Large state commercial banks like CCB have also initiated special programs to cater to the need of small and medium enterprises, SMEs. In addition, they have started to branch out into new areas of financial services, thus gradually and steadily moving toward universal banking encompassing investment banking, issuance, securities, private banking, and financial leasing.Banks have also started to grow overseas business either by establishing more new overseas branches or through merging and acquisitions of foreign financial entities.

4. Conclusion: Assessment of Bank Performance

The strong financial performance of large state banks was carried into the first half of 2008 even as growth slowed by nearly 2 percentage points to 10.4% from the first half of 2007 due to a combination of falling external demand and tighter credit policy. In the first half of 2008, net profit (profit after tax) grew, respectively, 71.3% for CCB, 56.8% for ICBC, and 36% for BOC over a year ago. Although the reduction of corporate income tax from 33% to 25% accounted for partly the increase in profit, but

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the key underlying factors driving profit growth remained the same as the last year. First,net interest income continued to benefit from rising interest margins as well as rapid asset growth and still is the main source of operating income, possibly for the foreseeable future. Second, fee and commission income again witnessed an explosive growth: CCB, 59.3%; BOCOM, 50%, ICBC, 48%;BOC, 45.1%, in spite of a sharply cooled stock market that has curtailed income derived from hot-selling market-based financial products of the previous year such as stock mutual funds. For large state commercial banks,the share of fee and commission income in total operating income reached a new record in the first half of 2008: CCB 14.9%; ICBC, 12.3%; BOC,31.4%. In the meantime, asset quality continued to improve as the NPL ratio continued to drop. By the end of June, the NPL ratio of ICBC and CCB were, respectively, 2.4% and 2.2%, representing a decline of 0.33 and 0.39 percentage points, respectively, from the end of 2007.

Judged by record profit, much improved asset quality, and high ROE,the recent financial performance of the four large state commercial banks is nothing short of spectacular. Furthermore, as fee and commission income and more broadly retail banking revenue has taken off to become a strong source of profit growth, banks appear on track to realize their long-term strategic goal of diversifying into a more stable base of income generation that is less prone to business cycle risks. Thus, large state commercial banks appear to have come a long way in reforming themselves into a modern commercial bank. This outcome should be a surprise to some of earlier research findings that argue state commercial banks did not seem to have changed bank behavior fundamentally after launching banking reform. For instance,Podpiera (2006) shows that banks do not appear to make lending decision based on a commercial basis. Dobson and Kashyap (2006) assemble macroeconomic, microeconomic and anecdotal evidence suggesting that the pressure to make policy loans is continuing despite the reforms. However, the recent empirical work by Demetriades et al. (2008) seems to counter their findings by showing that bank loans is positively correlated with future value added and TFP growth during 1999–2005, even for state-owned enterprises. Moreover they find that firms with access to bank loans tend to grow faster in regions with greater banking sector development. Can this financial performance of banks be sustained? It appears that the good financial performance has been the result of two crucial factors,although it is not easy

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to delineate the two. First, a supportive macroeconomic environment — with a strong growth averaging 10.7% per annum over the period: 2003–2007 and a partially liberalized interest rate regime —helped to boost revenues. Second, banking reform has been instrumental in raising efficiency and holding down costs, both of which boost the return on capital.

Compared to the impact of banking reform, the supportive macroeconomic environment exerts more a cyclical than fundamental impact on bank performance and is thus a less sustainable force. Indeed, the surging inflation as well as bubbles in the stock and real estate markets in 2007 already served as warning signals that the high growth in last several years is unsustainable. In 2008, the economic growth slowed sharply as a result of tightened money and credit policy and an unexpected large decline in external demand that sharply slowed down export growth. Although bank performance held up pretty well so far, a precipitous economic slowdown would sooner or later raise business risks and worsen asset quality for the banks. The immediate challenge of banks is how to skillfully navigate the more difficult economic water by properly controlling risks and staying on the course of restructuring and reform.

If the successful public listing marked the end of the first phase of banking reform, it is clear that banks have entered a new phase of reform only a short while ago with much of the journey still lying ahead. Many of the recently launched corporate reforms: governance, internal control and operation procedures, risk management, and human resources are still work in progress and have not yet been brought to fruition. Banks are also in the early phase in adapting to the new business model mandating more attention being paid to retail customers and commission and fee-based incomes. Hence, they have to continue to be valiant on reform and learn to adapt to the vagaries of financial markets while catering to the evolving needs of customers as their demand for new financial services grow.

While putting the bet on banking reform, there is no reason to be overly pessimistic on the short-term macroeconomic risks. China ran a budget surplus and had a low government debt of about 22% of GDP in 2007, as well as a relatively low urbanization ratio at around 44%. More importantly, Chinese banks have embarked on a reform path with healthy balance sheets and a strong capital base. Thus, China enjoys considerable flexibility to deploy a strong public sector investment program in

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order to strengthen domestic demand and mitigate the downside risks caused by the expected sharp decline in exports. The government unveiled such a public sector investment program with price tag of RMB4 trillion in mid-November 2008 (about 12% of GDP) that covered two years to last through 2010. The program complimented the expansionary money and credit policy that had been initiated a couple of months ago. If properly implemented and, in particular, in conjunction with structural rebalancing policies, the program should help to sustain strong growth in the short-run and even more important to regain macroeconomic balance over the medium-term.

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1概述

世界银行（1997年）曾声称，中国的金融业是其经济的软肋。当一国的经济增长的可持续性岌岌可危的时候，金融业的改革一直被认为是提高资金使用效率和消费型经济增长重新走向平衡的必要（Lardy，1998年， Prasad，2007年）。事实上，不久前，中国的国有银行被视为“技术上破产”，它们的生存需要依靠充裕的国家流动资金。但是，在银行改革开展以来，最近，强劲的盈利能力已恢复到国有商业银行的水平。但自从中国的国有银行在不久之前已经走上了改革的道路，它可能过早宣布银行业的改革尚未取得完全的胜利。此外，其坚实的财务表现虽然强劲，但不可持续增长。随着经济增长在2008年全球经济衰退得带动下已经开始软化，银行预计将在一个比以前更加困难的经济形势下探索。本文的目的不是要评价银行业改革对银行业绩的影响，这在一个完整的信贷周期后更好解决。相反，我们的目标是通过审查改革的进展和银行改革战略，并分析其近期改革后的强劲的财务表现，但是这不能完全从迄今所进行的改革努力分离。

本文有三个部分。在第二节中，我们回顾了中国的大型国有银行改革的战略，以及其执行情况，这是中国银行业改革的主要目标。第三节中分析了2007年的财务表现集中在那些在市场上拥有浮动股份的四大国有商业银行：中国工商银行（工商银行），中国建设银行（建行），对中国银行（中银）和交通银行（交通银行）。引人注目的是中国农业银行，它仍然处于重组上市过程中得适当时候的后期。第四节总结一个对银行绩效评估。

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2 银行改革战略及其实施

2.1 银行改革战略

改革前，国有独资银行由国家拥有并服务于国家经济的目标。由于他们并没有完全牟利的商业实体，评估其财务表现并不严格适用于普遍商业银行。不过，一旦国家在1992年10月代表大会的决定着手进行社会主义市场经济，国有银行商业化已经成为定局。银行业改革的目标是将国有银行转变成那些具有市场竞争力，可以提供高效的国家储蓄得中介。发挥它们在金融中介的优势，银行在资金的有效配置中起着关键作用。 2.1.1 银行改革创造了有利环境

自从国家在1992年十月的第14届代表大会宣布市场改革开放方案，目标是建立社会主义市场经济，从而有效地结束了自20世纪70年代末推出的实验性经济改革开放方案。在坚定的市场化改革中创造了的改革与社会主义市场经济建立的有利环境，包括首先进行的银行改革。1994年初，为了应对通货膨胀的威胁，推出包括银行宏观经济改革，汇率管理，财政和税收。宏观经济改革允许恢复在20世纪80年代在“放权让利”下下放地方当局权力的宏观。虽然权力下放迎来一个快速发展时期，但也产生了重大的宏观经济不稳定。事实上，宏观经济改革的追求大大挫伤20世纪90年代的宏观经济周期。

其次，在同一年，设立了三个性银行——国家开发银行，农业发展银行，中国进出口银行 ——以减轻他们的传统对国有商业银行的要求。

第三，在1995年颁布的银行和商业银行法对银行改革提供了法律基础。

第四，从1996年开始，开始大力追求企业改革，为金融改革铺平了道路，即使这是大型国有企业职工的冗余和痛苦的裁员的结果。在追求企业改革银行改革之前，有必要考虑到国有企业是国有银行的主要客户。因此，他们的主要来源是不良贷款，在同一时间有负债给。因此，除非国有企业改革的需要，任何国家银行的改革努力将是徒劳的。另一方面，国有企业改革向前冲的时候，银行改革不能再拖延。这是因为国有企业的改制，清算，合并，破产或不再存在，

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银行必须开始认识到他们的潜在亏损。由于不良贷款的大量注销，这反过来又引发了银行进行注资的需要。

第五，决定在2002年2月将仅有商业银行改造成具有国际竞争力的

金融企业，转变为国家控股的股份制商业银行，鼓励他们在市场上上市的股票。

第六，中国银行业监督管理委员会成立于2003年，以提高监管能力，监管银行。

最后，坚持到2001年的入世协议，将使用外国银进入市场为竞争压力注入本地银行产业，以提高效率。从2006年年底，外资银行可以从事人民币业务。

2.1.2 改革公司治理和结构调整的资产负债表

该国最大的国有银行已按照几个步骤进行企业内部改革。改革的第一步是通过邀请其他投资者来稀释唯一的国家所有权，但仍保持其主导地位来进行公司治理改革。特别是，银行已在寻求外国战略伙伴和引进现代银行业务和技术方面作出努力。所有权得扩大还需要销售部分银行股的股本市场的所有权，使银行管理负责到市场上。为了成功地吸引外来投资者，无论是战略合作伙伴或公众投资者，银行必须提出可信的内训改革方案和贯彻落实可靠。毫无疑问，更好，更可信的内部改革方案，越有可能是为银行吸引外部合作伙信誉伴和获取与他们的同行或在股票市场更好的待遇。

因此，承诺的第一步是根据以前的经济规划制度，加强对信用流动已经堵塞了的，资本累计不足和坏帐堆积如山的国有银行资产负债表的平衡。1998年，发出四大国有银行的价值270,000,000亿美元（326亿美元）人民币的30年财政债券进行资本重组的资产负债表：工商银行，中国银行，建设银行和农业银行符合国际资本充足标准。同样，12月30日，2003年，美国提供的建设银行和中国银行各225亿美元，和稍后在2005年4月将提供工商银行的150亿美元，以支持在联合交易所各自的清单。其中四大国有银行，建设银行是第一个次拥有其改革努力，通过股市场的考验，在联合交易所成功上市的。此外，作为对资本重组计划的一部分，银行发行的次级债券也面向当地市场：中

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国银行，人民币60亿元;商业罪案调查科，400亿元，工商银行，3500亿人民币交通银行，1200亿元人民币。

：工商1999年，设立四家资产管理公司管理公司资产，为“四大银行”银行，建设银行，中国银行和农业银行，管理1.4万亿元人民币的国有银行贷款购买书籍万亿，其中1.3万亿被视为不良贷款（约GDP的15%）。本次交易的资金部分为部分国债（820亿元人民币）银行贷款（RMB573亿元人民币）。第二个转移不良贷款的资产管理公司从2004年6月到006年6月期间转移了1.186万亿元。

银行还推出改革措施，完善内部管理，包括加强人力资源基础，引入现代风险管理做法，并提出了不良贷款的分类标准，以符合国际标准。 2.2 实施改革

2.2.1 寻求多样化，吸引外国战略合作伙伴

随着改革的蓝图，银行成功推出并实施的改革策略。工行，建行，中行，交行得所有权都在稀释，纳入非国家所有制70％以下的公司，其中包括外资持股，国内法人和公有制（国有和公开交易的股票），全状态的股份。在非国家所有，外国战略伙伴关系通常拥有公司的最高股份：工商银行，7.2％，中行，13.9％，建行，10.3％和交通银行，18.7％。

外国资本和国内资本，以及国有商业银行在社会公众股的参与下，不仅增强银行的资本，也产生了对公司治理的积极影响，特别是在外国参与的情况下，它源于银行业务进入得不当侵扰。第二，所有的国有商业银行已经简历了现代公司治理结构包括股东大会，公司董事会以及外部董事，监事，监事会和高级管理结构。到2007年底，有33个外国机构投资者投资于25年国内银行，共注资213亿美元。这些外国战略投资者与国内合作伙伴已在广泛多元化的银行领域制定各战略合作协议，包括零售银行，公司治理和风险管理，贸易，人民币衍生工具和货币交换，外汇结构性产品，以及贸易和小和中小企业融资。此外，国内银行与外国合作伙伴实行网络共享、提供服务和交叉销售金融产品。最后，人力资源发展计划是战略法人共同协定的，在中小企业管理和融资，财富管理，基金交易，风险管理提供培训课程中予以提供，实施巴塞尔资本协定等。

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2.2.2 成功的公开上市

改革后的内部调整和信誉良好的战略合作伙伴吸引外资，国有商业银行成功上市在（H股）和上海（A股）上市交易的股票，从而第一次受到市场自律：交通银行，2005年6月，建设银行，2005年10月，中国银行，2006年6月，工商银行，（这是首次在联合交易所和上海证券交易所共同上市）。2006年10月2007年，两个小股份制银行在上海证券交易所上市交易，使上市得股份制银行在12个总额中占了7个。此外，在三个城市商业银行的基础上，北京，南京，宁波得商业银行在上海的A股市场上市，从而为其他城市商业银行进行重组提供方式，然后争取在股票交易所上市。从上升的股价中收益，工行，建行和中行2007年底在世界上受益分别为第一，第二和第四大银行：33亿美元，22025亿美元和1978亿美元。 2.2.3 强化资本

到2007年底，有近80%的银行已经完成资本充足率标准。四家上市国有商业银行的资本充足率分别为工商银行13%，中国银行13.3%，建设银行12.6%和交通银行14.1%。核心资本充足率分别为工商银行11%，中国银行10.7%，建设银行10.4%和交通银行10.2%。 2.2.4 建立风险管理系统

自2006年以来建行等大型国有商业银行已经开始引入一个垂直的风险管理制度，合并到新成立的首席风险官手中的风险管理。这项改革有助于在地方一级在贷款决策过程中免去不必要的干扰。在同一时间，通过利用信息技术的优势，各银行已开始简化和优化业务流程顺序和程序，以降低经营风险。银行也开始使用定量风险评估模型和情景模拟他们所面临的各种风险，如压力测试。经济/风险资本的概念已被采用到风险限额管理，分配银行资源和产品的价格。银行还通过改善内部控制程序和采用定量控制的工具和操作风险模型加强了对市场和流动性风险分析。最后但并非最不重要的，银行已经采取步骤，建立一个新的风险或信贷文化。

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2.2.5 追求战略转型的经营模式

中国银行传统上集中于公司业务，可以说是批发银行。然而，由于本地资本市场的逐渐成熟，中国的家庭收入和财富继续急速增长，银行找到面向消费者的金融服务不断增长的业务机会，例如共同基金，抵押融资，理财，个人贷款。这也是金融服务领域，即新来的外资银行的目的是捕捉他们的竞争力的领域。因此，寻求新的利润增长源，实现了更加多样化和平衡的收入基础，以及为会议上向外国银行，中资银行被迫抓住机遇，迎接挑战，走上了向零售银行的传统经营模式的战略转型的道路。

新的零售银行业务推力包括信用卡，个人贷款，财富管理，共同基金，保险产品和其他产品的产生基于收费的收入。零售银行业务，反过来又呼吁加强在信息技术投入，发展提高个人贷款，网上银行，和远程银行效率的系统，以及提高零售网络的效率，更好地满足零售客户的需求。国有大型商业银行如建行还发起特别方案，以满足中小型企业需要。此外，他们已经开始拓展到金融服务的新领域内，逐步稳妥地走向混业经营包括投资银行，保险，证券，私人银行，金融租赁。银行也开始通过合并和收购外资金融机构或者外国企业建立更多的新的海外分支机构。

4 结论：评估银行业绩

坚实的大型国有银行的财务表现显示2008年上半年增长放缓，甚至比2007年上半年由于外部需求下降和信贷紧缩造成的10.4％低近2个百分点。在净利润（税后利润）增长，分别为建行71.3％，工商银行5 6.8％，2008年上半年，

中国银行36％，超过去年同期水平。虽然企业所得税税率由33％下降到25％的部分盈利增加，但推动利润增长的关键基本因素仍然是去年相同。第一，净利息收入继续受惠于息差上升以及资产的快速增长，仍可能是在可预见的未来经营收入的主要来源。二，费用及佣金收入再次见证一个爆炸性的增长：建设银行59.3％，交通银行50％，工商银行48％，中国银行45.1％，尽管股市急剧降温，削减从热销的市场中取得的所得为基础的金融产品，如前一年股票共同基金。对于大型国有商业银行，手续费及总营业收入的份额达到的佣金在2008年上半年新纪录：建设银行14.9％，工商银行12.3％，中国银行31.4％。与此同时，资产

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质量持续改善，不良贷款比率持续下降。截至6月底，工商银行和建设银行的不良贷款率分别为2.4％和2.2％，分别比2007年年底下降0.33和0.39个百分点。

与创纪录的利润，大为改善的资产质量，高净资产收益率相比，最近的四家大型国有商业银行简直是缺乏表现。此外，由于手续费及佣金收入和更广泛的零售银行业务收入已经起飞，成为一个强有力的利润增长来源，银行似乎有望成为一个减少长期战略目标的多样化和发生商业周期风险、更加稳定的创收基地。因此，大型国有商业银行似乎经历了为成为现代商业银行而改革自身的漫长的道路。这样的结果对于早期的研究成果认为国有商业银行似乎并没有从根本上改革银行是一个惊喜。操作性的例子，Podpiera（2006年）认为，银行似乎并没有在商业基础上作出贷款决定。 Dobson和Kashyap（2006年）集合宏观经济，微观经济和轶事证据表明，尽管改革仍在继续，压力造成性贷款。然而，最近由Demetriades等人的实证研究（2008年）似乎表明即使是国有企业，银行贷款的未来增值和1999-2005年期间全要素生产率的增长是正相关。他们发现，更好地获得银行贷款的企业往往在银行业发展较快的地区。

银行的财务表现能持续吗？看来，良好的财务表现一直有两个关键因素，虽然不容易界定这两个因素。首先，宏观经济环境的支持与强劲增长在此期间平均每年增长10.7％：2003年至2007年和部分开放的利率制度，有助增加收入。第二，银行改革已经在提高效率，和压低成本，这两个是提高资本回报率的工具。

与银行改革的影响相比，发挥支持性的宏观经济环境，对银行业绩产生周期性的根本性影响，因而是不可持续的力量。事实上，汹涌的通货膨胀以及股市和房地产市场的泡沫在2007年已经发出警告信号，过去几年的高增长是难以继续的。2008年，经济增长速度大幅放缓、收紧货币和信贷的结果是意想不到的外部需求大幅下降导致的出口增长大幅放缓。尽管银行有很好的表现，但到目前为止，一险峻经济放缓迟早会提高后日企业的风险，降低银行资产质素。银行的直接挑战是，如何通过正确巧妙地引导和控制风险，调整改革的过程中保持经济的流动性。

如果成功上市标志着银行业改革的第一阶段结束，很明显，银行已进入了一个短暂向前与未来的尚在改革的新阶段。许多公司最近推出的改革：治理，内部控制和操作的程序，风险管理和人力资源工作仍在进行中，尚未成事。银行也都

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处于适应要求更多关注零售客户、佣金和收费的新商业模式的早期阶段。因此，他们必须继续勇敢的改革，学会适应，同时迎合客户对金融市场不断发展的需要，作为他们新的金融服务需求的增长。

对于在短期宏观经济风险中对银行业改革的赌注，没有必要过于悲观。中国预算有盈余，且2007年的国内生产总值为约22％的低债务，比作城市化比率约44％要低。更重要的是，中资银行已开始走上与健康的资产负债表和雄厚的资本相关的改革道路。因此，中国拥有相当大的灵活性来部署一个强大的公共部门投资计划，以加强国内需求，减轻由预期出口大幅下滑而引起的负面风险。在11月中旬公布去年的公共部门投资方案为4万亿元人民币（约12％的GDP）的价格标签，覆盖两年至2010年。该方案补充货币和信贷扩张，已经在几个月前开始了。如果正确实施，特别是在与结构平衡的的同时，该方案应有助于在短期内维持运行，更重要的是恢复中期宏观经济的平衡。

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