Liu Chongming, director of the Tianjin Branch of the People's Bank of China, announced the good news during a recent meeting with directors of locally-based foreign banks.

Statistics show that the normal assets of local branches of foreign banks increased by 19.88 percent in 2001, compared to the previous year. During the same period non-performing assets decreased by 5.67 percent.

Fast-developing business services provided by foreign banks included the introduction of credit cards, forfeiture etc. Six foreign banks operating in Tianjin have filed applications to provide Renminbi services, sources with TBPBC say.

Liu pledges to provide better services to foreign banks by simplifying administrative procedures further and by strengthening ties with the headquarters of foreign banks in order to lessen financial risks.

At present there are fourteen branches and five representatives of foreign banks in Tianjin.

(Xinhua News Agency March 18, 2002)