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The central government is likely to create a new framework within which to govern its stakes in financial institutions such as banks, insurers and brokerages by early next year.

 

The efficient and market-oriented management of over 40 trillion yuan (US$5 trillion) in state-owned financial assets will rank high on the agenda of this month's national finance conference, set to plot the country's financial course for the next few years.

 

"If it is decided that the new framework will be established, it will be in place no later than March 2008," an official close to the conference said.

 

The conference may well discuss the establishment of an independent government investment company or an administrative body similar to the State-owned Assets Supervision and Administration Commission of the State Council, an administrative body set up in 2003 to manage non-financial assets.

 

A Ministry of Finance official proposed that the ministry's finance department, which currently operates as a management body of financial assets, remain center to any such structure.

 

Opinions diverge however since some analysts favor the setting up of a government investment company. "China should set up an investment body directly under the control of the central government by restructuring Central Huijin," said Yi Xianrong, a researcher with the Chinese Academy of Social Sciences.

 

Central Huijin Investment Co Ltd was set up in 2002 with a mission to reform state-owned banks burdened with a high ratio of non-performing loans.

 

"A commercialized institution operating on sound market principles is much more efficient than an administrative body that is easily influenced by government whims," said Piao Yongxiang, a researcher with the central bank.

 

Central Huijin has so far invested 5 trillion yuan (US$641 billion) of lifeblood funds into 20 state-owned financial institutions including major commercial banks and a dozen brokerages. However, the company was originally set up only as a policy-directed body aiming to inject capital into state-owned banks during their share restructuring.

 

A few officials and analysts believe that the example of Singapore-based Temasek Holdings, created in 1974 as an investment company under the full control of the island state's government, could be emulated.

 

"We should reform Central Huijin following the model of Temasek Holdings to clarify the company's rights and responsibilities in order to make sure it has good corporate governance," Wu Xiaoling, vice governor of the central bank, said at a forum held in Beijing.

 

The national finance conference is held every five years. At the last summit in 2002, the government decided to create a reform team led by the central bank to restructure the country's Big Four state-owned banks. Central Huijin was later set up with net assets of US$45 billion to inject capitals into the banks.

 

(China Daily January 9, 2007)