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China's commercial banks should boost non-interest income in order to stay competitive, a senior banking regulator said yesterday.

 

For large and medium-sized commercial banks, fees and commissions from intermediary services, such as insurance and fund distribution, should account for 40 to 50 percent of the banks' total revenue, up from the current 17 percent, over the next five to 10 years, said Tang Shuangning, the China Banking Regulatory Commission's vice-chairman.

 

City commercial banks should boost the ratio from 3.67 percent to 20 percent in the next five years.

 

Rural cooperative financial institutions should try to introduce more intermediary services and boost the ratio to 10 percent over the next five years, up from less than 1 percent, Tang said at a regulatory meeting yesterday.

 

"Income from intermediary services is a key index to measure the innovation capability of financial institutions," Tang said.

 

In the past, domestic banks were heavily dependent on interest incomes, while major banks have made progress in boosting innovation in recent years.

 

By the end of 2006, a total of 69 overseas and domestic banks had been qualified to make derivatives transactions.

 

Thirty banks had launched renminbi or foreign-currency wealth management products, raising 400 billion yuan in total.

 

Eighteen banks have gained certificates to invest overseas on behalf of their clients, with a combined foreign exchange quota of US$13.1 billion.

 

E-banking business transactions increased 101 percent last year, topping 122 trillion yuan.

 

Financial institutions issued a combined 1.17 billion in credit and debit cards at the end of last year, and consumption through bankcards accounted for 17 percent of the country's total retail sales.

 

Fund-management firms, set up by the Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications and their partners since 2005, now manage 60 billion yuan, Tang said.

 

The China Banking Regulatory Commission "encourages financial innovation and will give support to areas including derivatives, wealth management products, securitization and comprehensive operations", Tang said.

 

(China Daily June 7, 2007)