Bank of China Received US $22.5 Billion as Capital

On January 6, 2004, Bank of China (BOC) spokesman Wang Zhaowen said that the Ministry of Finance injected US $22.5 billion into the capital of Bank of China days ago, which would further build up the bank's capital strength and strongly back up the implementation of the reform towards a joint-stock bank.

The spokesman said, the capital injection by the government would greatly enhance BOC's capital strength, shorten the gap between BOC and leading international banks, and expedite BOC's reform towards a joint-stock bank. Bank of China is determined to make appropriate arrangement and allocation for the injected capital, adjust shareholder's equity promptly, and methodically employ the monetary position, thus ensuring that the value of capital will be maintained and increased.

The spokesman also expressed that BOC would take this great opportunity brought by the state's capital injection, to speed up the progress of handling non-performing assets, hold accountable those of bank's staff for their malpractice, effectively prevent illegal activities of shirking bank's repudiation, construct the framework of corporate governance, transform the operational mechanism, make more effective the internal management and maintain sustainable development.

Through these efforts, Bank of China will be built into a modern commercial bank with following characters: adequate capital, strict internal control, safe operation, excellent service and profitability, and international competitiveness.