The following describes the development of state-owned banks:
During the period of 1978-2007, China took a number of measures to diversify the domestic banking industry, including:
(1) Restore China Construction Bank, Agricultural Bank and China Bank;
(2) Establish China Industrial and Commercial Bank, Bank of Communications and China Postal Savings Bank;
(3) Issuing banking licenses to the governments of Shenzhen, Guangdong, Fujian and Shanghai, and establishing Shenzhen Development Bank (1988), Guangdong Development Bank (1988), Fujian Industrial Bank (1988) and Shanghai Pudong Development Bank (/kloc-0) under the auspices of local governments.
(4) Issuing banking licenses to four state-owned enterprises, namely China Merchants Group, CITIC Group, Shougang Group and China Everbright Group, and opening China Merchants Bank (1987), China CITIC Bank (1987), Huaxia Bank (1992) and China Everbright Bank (1992)
(5) Through various forms, four private joint-stock commercial banks, namely China Minsheng Bank (1996), hengfeng bank Bank (2003), Zheshang Bank (2004) and Bohai Bank (2005), have been established one after another.
The first stage: the emergence of money exchange industry and money changers.
The second stage: the business of currency custody and payment has been added, that is, the currency exchange industry has evolved into the currency management industry.
The third stage: concurrently engaged in currency custody, payment, settlement, lending and other businesses, at this time, the currency exchange industry will develop into banking. Including China Industrial and Commercial Bank, China Agricultural Bank, China Bank, China Construction Bank, China Postal Savings Bank and Bank of Communications. Responsibilities: Financial institutions that act as credit intermediaries through deposits, loans, remittances and savings. Commercial banks are one of the most important financial institutions, and their main business scope includes absorbing public deposits, issuing loans and discounting bills.