China welcomes international financial giants such as Morgan Stanley to carry out cooperation with Chinese financial companies, Chinese Vice Premier Huang Ju said Monday.

Huang made the remark during his meeting with Morgan Stanley Chairman and Chief Executive Officer Philip Purcell, who is in Beijing to attend the Fortune Global Forum.

Huang said China has achieved initial results in the reform of its financial sector, especially the banking sector. Bank of China, China Construction Bank and other state-owned commercial banks have been actively carrying out their transformation to share-holding companies in line with the requirements of establishing modern financial system.

Huang said China need help from international financial companies so as to implement its long-term strategies for reforming its banking sector.

(Xinhua News Agency May 17, 2005)