国内银行海外上市招股书原文
INDUSTRY OVERVIEW
The information set forth below is mainly about the PRC banking sector. It is derived from official sources. While our Directors have exercised reasonable care in compiling and reproducing the information, it has not been independently verified by the Company, the Directors, the Underwriters or any of our or their respective affiliates or advisers. This information may not be consistent with other information compiled within or outside the PRC. In particular (but without limitation), a number of overseas market observers have estimated that the level of the non-performing loans in the PRC banking system may be considerably higher than the figures cited herein, and if such estimates are true, the level of the PRC banking system’s assets and some of the other related figures included in this section may be overstated.
OVERVIEW
The PRC banking market is one of the fastest growing banking markets in the world. According to the Almanac of China’s Finance and Banking, from 1999 to 2004, total Renminbi deposits received by financial institutions in the PRC increased 121.1%, from RMB10,878 billion to RMB24,053 billion, and total Renminbi loans provided by financial institutions in the PRC increased 89.2%, from RMB9,373 billion to RMB17,736 billion. The following table sets forth the total Renminbi loans, total Renminbi deposits and individual savings deposits in the PRC from 1999 to 2004:
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Source: The People’s Bank of China
The expansion of the PRC banking market has benefited primarily from the underlying economic growth and the resulting wealth creation and accumulation since the start of the PRC’s economic modernization in 1978. The following table sets forth GDP and GDP per capita in the PRC from 1999
to 2003:
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DOMESTIC PARTICIPANTS IN THE PRC BANKING SECTOR
The PRC banking sector is comprised of wholly state-owned banks, joint stock commercial banks, policy banks, urban commercial banks, rural commercial banks, rural cooperative banks, urban credit cooperatives, rural credit cooperatives and foreign-invested financial institutions. The table below sets forth the number and market share of each type of banking institution as of December 31, 2003.
Number Market share based on total assets
Big Four (1) . . . . . . . . . . . ..
Joint stock commercial banks (2) . . . .
Policy banks . . . . . . . .
Urban commercial banks . . . .
Rural commercial banks . . .
Urban credit cooperatives . . . .
Rural credit cooperatives . . .
China Post Savings . . . . . . .
Foreign-invested financial institutions . . . .
Source: Almanac of China’s Finance and Banking and the People’s Bank of China.
(1) Includes Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank.
(2) Includes Bank of Communications, Citic Industrial Bank, China Everbright Bank, Hua Xia Bank, China Minsheng Bank, Guangdong Development Bank, Shenzhen Development Bank, China Merchants Bank, Industrial Bank, and Shanghai Pudong Development Bank.
Big Four
The big four commercial banks, namely, Industrial and Commercial Bank of China, or ICBC, Agricultural Bank of China, or ABC, Bank of China, or BOC, and China Construction Bank, or CCB (together, the "Big Four") have traditionally dominated the PRC banking industry. As of December 31, 2004, according to the PBOC, they accounted for 53.6% of total assets of financial institutions in the
PRC.
Joint Stock Commercial Banks
According to the CBRC, as of December 31, 2004, there were 12 joint stock commercial banks in the PRC with a nationwide banking license. As of the same date, we were the largest among these banks in terms of total assets. Joint stock commercial banks generally have diversified shareholders, including, among others, local government entities and state-owned enterprises. Established mostly in the late 1980s and early 1990s, these joint stock commercial banks have gradually increased their collective market share while the market share of the Big Four has gradually decreased. As of December 31, 2004, according to the CBRC, they accounted for approximately 14.9% of total assets of financial institutions in the PRC.
Policy Banks
Three policy banks, China Development Bank, Export-Import Bank of China and Agricultural Development Bank of China, which were established to allow the Big Four to concentrate on commercial lending, are principally mandated to finance government-sponsored projects.
Other Domestic Banking Institutions
Other domestic PRC financial institutions engaged in commercial banking business include urban commercial banks, rural commercial banks, rural cooperative banks, urban credit cooperatives and rural credit cooperatives.
PRC BANKING SECTOR REFORM
Reforming the banking sector is one of the major challenges of economic reform undertaken by the PRC government. These reforms have focused primarily on the improvement of the legal and regulatory framework; the enhancement of asset quality and the capital base; and the liberalization of interest rates.
Improvement of the legal and regulatory framework
The steps taken by the PRC government to improve the legal and regulatory framework include:
--the establishment of an independent central banking system, originally with the PBOC as both the central bank and the banking supervisory authority;
--the establishment of the CBRC in April 2003 to take over the banking supervisory and regulatory functions of the PBOC; and
--the implementation of new corporate governance and management standards across all PRC financial institutions. See the section headed "Supervision and Regulation".
Improvement of asset quality and enhancement of capital base
The PRC banking sector has been historically burdened with large portfolios of non-performing loans. According to the CBRC, outstanding non-performing loans at the Big Four, policy banks and joint stock commercial banks amounted to approximately RMB1.7 trillion at the end of 2004, representing 13.2% of the total loans in the PRC. The following table sets forth certain information regarding the non-performing loans of state-owned and joint stock commercial banks as of the date indicated:
Non-performing loans by category:
Substandard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Doubtful . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-performing loans by types of banks:
Big Four . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Joint stock commercial banks (1) . . . . . . . . . . . . . . . . . . . . .
Source: China Banking Regulatory Commission
(1) Includes Bank of Communications, Citic Industrial Bank, China Everbright Bank, Hua Xia Bank, Minsheng Bank, Guangdong Development Bank, Shenzhen Development Bank, China Merchants Bank, Industrial Bank, Shanghai Pudong Development Bank and Evergrowing Bank.
Due to the large amount of non-performing loans in the PRC banking industry, the PRC government has taken various measures to resolve the non-performing loan problem and improve the capital adequacy levels of PRC banks. In 1999, the PRC government established four asset management companies to assume and resolve the non-performing loans transferred from the Big Four. In 1999, the Big Four transferred an aggregate of RMB1.4 trillion in assets to the four asset management companies. In 2004, CCB, BOC and our Company similarly transferred over RMB330 billion of non-performing loans to Cinda. In an effort to allow banks as well as regulators to better monitor bank asset quality in accordance with international practice, a five-category classification system was formally implemented in 2002.
In conjunction with the transfer of these non-performing loans, regulators also employed capital injection measures to enhance the capital base of commercial banks. In 1998, a total of RMB270 billion was injected into the Big Four. In 2004, another US$45 billion was injected into BOC and CCB for their recapitalization. In 2004, our Company was the recipient of a RMB18 billion capital injection. For details, see the section headed "Our Reorganization and Restructuring - Financial Restructuring".
Interest Rate Reform
PRC commercial banks set the interest rates of their Renminbi deposits and loans in accordance with the benchmark rates published and modified by the PBOC from time to time. However, the PRC government has taken gradual measures to liberalize interest rates by widening the band within which commercial banks may set their Renminbi lending rates around the benchmark rates.
In January 1987, the PBOC for the first time allowed PRC commercial banks to set the interest rates for Renminbi-denominated lending within a range that is 10% lower to 20% higher than the PBOC benchmark rate. After incremental changes in the intervening years, on January 1, 2004, the PBOC further extended the upper limit of Renminbi-denominated lending rates, except for mortgages and policy loans, to no higher than 70% of the benchmark rate. Subsequently, on October 29, 2004, the PBOC removed the upper limit for Renminbi-denominated lending rates while retaining the lower limit for such rates. Effective on the same date, all deposit-taking institutions are now allowed to decrease (but not increase) Renminbi-denominated deposit rates to below the corresponding PBOC benchmark rates. See the section headed "Supervision and Regulation" for further details.
FOREIGN COMPETITION IN THE PRC BANKING SECTOR
Foreign financial institutions can conduct banking business in the PRC by establishing branches in the PRC, forming joint venture financial institutions with PRC financial institutions, or establishing wholly foreign-owned financial institutions. According to the Almanac of China’s Finance and Banking, as of December 31, 2003, the PRC government had given its approval to 64 foreign banks to open 169 branches and sub-branches and to set up 15 wholly foreign-owned commercial banks, joint venture commercial banks and finance companies in the PRC. As of December 31, 2003, according to the PBOC, foreign-invested financial institutions accounted for 1.5% of the total assets of financial institutions in the PRC.
PRC laws and regulations also permit foreign financial institutions to purchase or subscribe for limited equity interests in PRC banks. Currently, a foreign financial institution can purchase or subscribe for up to 20% of the equity interest in a PRC bank. HSBC, for example, purchased a 19.90% stake in our Company in August 2004.
Although the scale of foreign banks’ activities in the PRC remains limited by regulatory constraints, the PRC banking sector has been gradually opening to foreign entities. Upon the PRC’s entry into the WTO, foreign banks were permitted to offer foreign currency-denominated products and services in the PRC without any geographic or client restrictions. Starting December 11, 2004, foreign banks have been permitted to offer Renminbi-denominated services and products to PRC enterprises in 18 major cities including, among others, Beijing and Shanghai. At the end of 2006, the PRC banking sector will be fully opened to foreign banks without any restrictions on business scope or geography. As a result, competition in the PRC banking sector from foreign banks is expected to intensify.
In addition, the Mainland and Hong Kong Closer Economic Partnership Arrangement, a free trade agreement commonly known as the CEPA, became effective on January 1, 2004. The CEPA enables smaller Hong Kong banks to enter the PRC banking sector, which we expect will increase the competition in the PRC banking industry. For example, under the CEPA, commercial banks incorporated in Hong Kong with US$6 billion or more in total assets are qualified to apply for the establishment of branches in the PRC. By comparison, under the relevant PBOC and CBRC regulations, commercial banks incorporated in other jurisdictions must have US$20 billion or more in total assets to be qualified to apply for the establishment of branches.
GROWTH IN RETAIL BANKING
Although corporate banking continues to be the main business for most PRC commercial banks, retail banking products and services have also grown significantly. For example, according to the PBOC, consumer loans outstanding rose from RMB17.2 billion at the end of 1998 to RMB1,573.3 billion at the end of 2003, representing 9.9% of total loans outstanding and 13.5% of GDP. However, the level of consumer lending in the PRC is still significantly below that in other countries.
Bank Cards
While bank card penetration in the PRC remains low in comparison to developed countries, the bank card business experienced rapid growth in recent years. The total cards outstanding increased from 383 million as of December 31, 2001 to 762 million as of December 31, 2004, according to the PBOC. The growth has also been accompanied by an expansion of the electronic banking terminal network.
Debit cards have been the primary type of bank card in the PRC. As of December 31, 2004, debit cards outstanding amounted to 663 million. As of the same date, there were 98 million credit cards issued. The development of the credit card market has so far been limited by a variety of reasons, including strict regulation on licensing, underdevelopment of a national payment infrastructure and the absence of a nationwide consumer credit information system. However, with an increasing number of licences for banks to engage in credit card business being issued, the development of China UnionPay and the establishment of a national personal credit database as promoted by the PBOC, the credit card industry is expected to grow significantly in the future.
Residential Mortgages
Demand for housing in the PRC increased significantly in the 1990s when the PRC government began its housing reform by eliminating housing benefits for employees of state-owned enterprises and civil servants. As of December 31, 2004, the total outstanding balance of residential mortgages reached RMB1.6 trillion, approximately 38 times the balance at the end of 1998. Mortgage lending accounts for a majority of consumer lending by PRC banks. The residential mortgage market has, as a result, become a significant factor for sustained economic growth in the PRC. Although the PRC government has adopted measures to tighten its policies on lending to the real estate industry starting in 2003, residential mortgage loans have continued to grow at a rapid pace. XXX
中文翻译
行业概况
下列资料主要与中国银行业相关。该等资料均来自官方渠道，尽管本银行董事在编撰及重整此等资料时已合理审慎地处理，但未经本银行、董事、承销商或本银行或承销商各自的联属机构或顾问独立核实。此等资料可能与中国国内和国外所编制的其它资料不一致。尤其（但不限于）一些海外市场观察员估计中国的银行系统的不良贷款水平可能比本文引用的数字要高得多。如果该等估计属实，本节所载的中国银行系统的资产水平及其它一些相关资料便可能被高估。
概述
中国的银行市场是全球增长最快的银行市场之一。根据《中国金融年鉴》的资料，从1999年到2004年，存入中国金融机构的人民币总存款从人民币108,780亿元增至人民币240,530亿元，增长了121.1%，而中国金融机构提供的人民币总贷款则从人民币93,730亿元增至人民币177,360亿元，增长了89.2%。下表载列从1999年到2004年的中国总人民币贷款、总人民币存款及个人储蓄存款情况：
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中国的银行市场增长主要受惠于经济增长和中国自1978年起推行经济现代化所创造及积累的财富。下表载列中国由1999年到2003年的国内生产总值和人均国内生产总值：
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中国银行业的国内参与者
中国的银行业包括全资国有银行、股份制商业银行、政策性银行、城市商业银行、农村商业银行、农村信用合作银行、城市信用合作社、农村信用合作社及外资金融机构。下表载列截至2003年12月31日各类银行业金融机构的数目及市场份额。
四大银行(1) . . . . . . .
股份制商业银行(2) . . . . . . . . .
政策性银行 . . . . . . . . . .
城市商业银行 . . . . . . . . .
农村商业银行 . . . . . . . . .
城市信用合作社 . . . . . . . .
农村信用合作社 . . . . . . .
中国邮政储蓄 . . . . . .
外资金融机构 . .
资料来源：《中国金融年鉴》及中国人民银行。
(1) 包括中国工商银行、中国农业银行、中国银行及中国建设银行。
(2) 包括交通银行、中信实业银行、中国光大银行、华夏银行、中国民生银行、广东发展银行、深圳发展银行、招商银行、兴业银行及上海浦东发展银行。
四大银行
四大商业银行，即中国工商银行、中国农业银行、中国银行及中国建设银行（统称「四大银行」），传统上在中国银行业占支配地位。根据中国人民银行的资料，截至2004年12月31日，上述四大银行占中国金融机构的总资产的53.6%。
股份制商业银行
根据中国银监会的资料，截至2004年12月31日，中国境内共有12间持有全国性银行执照的股份制商业银行。截至同一日期，就总资产规模而言，本银行是这些银行中最大的。一般而言，股份制商业银行的股东架构各不相同，包括（但不限于）当地政府实体及国有企业。这些股份制商业银行大多数是在八十年代后期和九十年代初期组建，整体市场份额逐年增加，而四大银行的市场份额逐年下降。根据中国银监会的资料，截至2004年12月31日，这些银行占中国金融机构总资产约14.9%。
政策性银行
三家政策性银行－国家开发银行、中国进出口银行和中国农业发展银行是为了让四大银行可集中从事商业贷款而成立，其使命是主要为政府援助项目融资。
其它国内银行业金融机构
从事商业银行业务的中国其它国内金融机构包括城市商业银行、农村商业银行、农村合作银行、城市信用合作社和农村信用合作社。
中国银行业改革
改革银行业是中国政府经济改革的其中最大挑战之一。该等改革主要集中于改良一个法律及监管架构；改善资产品质及资本基础；及利率自由化。
改良法律监管架构
中国政府为改良法律监管架构而采取的措施包括：
--建立独立中央银行系统，初步以中国人民银行作为中央银行及银行监督机构；
--于2003年4月建立中国银监会，中国人民银行的银行监督及规管职能转移至中国银监会；及
-- 对全国所有金融机构实施新公司治理及管理标准。见「监管」一节。
改善资产质量及增强资本基础
中国银行业以往一直承担大量不良贷款。根据中国银监会的资料，四大国有商业银行、政策性银行及股份制商业银行的不良贷款于2004年年终时达大约人民币17,000亿元，占中国全国总贷款额13.2%。下表载有有关国有商业银行及股份制商业银行于所示日期不良贷款的部份资料：
按等级划分的不良贷款：
次级
可疑
损失
按银行类别划分的不良贷款：
四大银行
股份制商业银行(1)
资料来源：中国银行业监督管理委员会
(1) 包括交通银行、中信实业银行、中国光大银行、华夏银行、中国民生银行、广东发展银行、深圳发展银行、招商银行、兴业银行、上海浦东发展银行及囱丰银行。
基于中国银行业庞大的不良贷款，中国政府已采取多项措施，以解决不良贷款的问题，及提高国内银行的资本充足率。于1999年，中国政府成立四家资产管理公司，以承担及解决中国银行的不良贷款。于1999年，四大银行合共转让人民币14,000亿元之资产予该四家资产管理公司。于2004年，中国建设银行、中国银行及本银行再次转让超过人民币3,300亿元不良贷款予信达。为让银行及监管机关按照国际标准更有效监察银行资产质素，于2002年正式实施五级贷款分类制度。
在转让该等不良贷款的同时，监管机关亦使用注资方法，以增强商业银行的资本基础。于1998年，合共向四大国有商业银行注入人民币2,700亿元。于2004年，另外再向中国银行及中国建设银行注入450亿美元，让两家银行重整资本。于2004年，本银行获得注资人民币180亿元。有关详情见「本银行的重组－财务重组」一节。
利率改革
中国的商业银行按照中国人民银行不时公布及修订的指引利率制定人民币存款利率及贷款利率。然而，中国政府已采取渐进措施，藉扩大商业银行以指引利率为基准厘定的人民币借款利率的范围，以开放利率管制。
于1987年1月，中国人民银行首次让国内商业银行以高于中国人民银行基准利率20%的上限及低于10%的下限范围厘定人民币借款的利率。经过期内历年调升之后，于2004年1月1日，中国人民银行再将人民币借款（按揭及政策性贷款除外）的利率上限提高至不超过基准利率70%。随后于2004年10月29日，中国人民银行更将人民币借款利率的上限撤销，只保留有关利率下限。于同日生效，所有接受存款机构现在可以调低（但不是调高）人民币存款至低于中国人民银行基准利率。详情请见「监管」一节。
中国银行业的外来竞争
外国金融机构透过在中国与中国金融机构组成合营金融机构或成立外商独资金融机构进入中国内地市场。根据《中国金融年鉴》的资料显示，于2003年12月31日，中国政府已批准64家外资银行于中国开设169家分行及支行以及设立15家外商独资商业银行、合营商业银行和财务公司。根据中国人民银行的资料，截至2003年12月31日，外资金融机构占中国金融机构的总资产的1.5%。
中国法律和法规亦允许外国金融机构购买或认购有限的中国银行股权。目前，每间外国金融机构可以购买或认购一间中国银行不超过20%的股权。例如，汇丰银行于2004年8月购买了本银行19.90%的股权。
尽管外国银行在中国境内的业务范围仍然受到法规约束的限制，但中国银行业逐步对外国实体开放。在中国加入世贸组织时，外国银行已获准在中国提供涉及外币的服务及产品，并无地域或客户类别限制。从2004年12月11日开始，外国银行获准在18个大城市（其中包括北京和上海）向中国企业提供涉及人民币的服务及产品。于2006年年底，中国银行业将对外国银行全面开放，并无地域或客户类别限制。因此预期中国银行界会因外国银行的进入而致竞争激烈。
此外，中国内地与香港之间的更紧密经贸关系安排于2004年1月1日起生效，该安排是一项自由贸易协议，简称CEPA。CEPA容许较小型的香港银行进入中国银行业，因而本银行预期这将加剧中国银行业的竞争。例如，根据CEPA，在香港注册成立总资产在60亿美元或以上的商业银行均有资格在中国成立分行。作为比较，根据中国人民银行及中国银监会的相关规例，在其它司法管辖区注册成立的商业银行须拥有总资产200亿美元或以上始符合资格申请成立分行。
零售及私人银行业务增长
尽管企业银行业务仍为大多数国内商业银行的主要业务，提供零售及私人银行产品和服务亦发展迅速。举例说，根据中国人民银行的统计，消费贷款余额由1998年年底的人民币172亿元跃升至2003年年底的人民币15,733亿元，占未收回贷款总额的9.9%和国内生产总值的13.5%。然而，中国的个人借贷水平仍远低于其它国家。
银行卡
银行卡在中国的渗透率仍较在发达国家低，故银行卡业务在近年获得快速增长。根据中国人民银行的统计，所发行的总卡数由截至2001年12月31日的3.83亿张增至截至2004年12月31日的7.62亿张。此项增长亦促使电子银行终端网络不断扩大。
在中国，借记卡已成为银行卡的主要类型。截至2004年12月31日，所发行的借记卡达到6.63亿张。截至同一日，所发行的信用卡有9,800万张。信用卡市场的发展受到各种原因的制约，当中包括权限受到严格限制、全国性付款设施发展欠佳和缺乏全国性个人信用资料系统。然而，随着获得从事信用卡业务发行权的银行日益增多，中国银联的发展和由中国人民银行所颁布成立全国性个人信用数据库，预期信用卡业务将在未来获得快速发展。
个人住房抵押贷款
从1990年起，中国的住房需求日益攀升，此时，中国政府开始实行住房改革，削减国企职工及公务员的住房褔利。截至2004年12月31日，未偿还个人住房抵押贷款余额总计人民币16,000亿元，约为1998年年底余额的38倍。抵押贷款成为中国银行消费贷款的主体。个人住房抵押贷款巿场成为中国经济持续增长的重要推动力。尽管中国政府从2003年起对房地产业贷款采取措施，实施紧缩政策，个人住房按揭贷款仍保持高速增长。
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