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Finances and insurances
Banking credit and monetary market At present, the spread of the Chinese monetary market is the one that corresponds to the phase of initial development, unfolding diverse activities in the scopes of the actions, the commercial values, bonds, invoices, etc. From 1985 they have been settled gradually down markets of interbank loans of bottoms and stock markets. In 1988 they appeared in the main cities the transferable treasury bond markets. On 1990 and 1991 the stock markets of Shanghai and Shenzhen were based, in which the actions negotiate abiertamente. In 1999 these bags, where a total of 976 companies quotes, emitted 98 actions of the type To and 117 secondary actions, collecting 87,700 million of yuanes; with the emission of action of the type B and H 610 million dollars were collected; throughout 1999 also 1,500 million of yuanes in action of the type To convertible were emitted in bonds. In all the year, the emission and the rationing of action provided 94,100 million of yuanes. That same year, the volume of the stock-exchange operations exceeded the 5 trillions of yuanes. In 1999 401,500 million of yuanes of national debts were emitted and 191,100 million collected. The bottoms thus close friends served to perceivably improve the financial situation of the companies that quote in stock market and provided to the state companies new sources of income for their technological renovation.
Currency Renminbi and administration Renminbi is currency of the legal, emitted and controlled course of way unified by the Popular Bank of China. The monetary unit is yuan RMB, subdivided in 10 jiao and each jiao in 10 fenes. The tariff of change of renminbi is determined by the Popular Bank of China and the State Currency Administration is in charge to publish it. China conducts of unified way operations in currencies. The attributions of administration of currencies are exerted by the State Currency Administration. In 1994 China it carried out the reform of the administrative currency system, unified the rates of change and the system of balance of currencies and established the unified currency market interbank. This exerted important influences to the development of the economy, the reform and the opening of China. From 1996 the purchase and currency sale of the companies with foreign investments are incorporated to the system of balance and sale of the bank. In this way, first of December of 1996 reality became the convertibility of renminbi in current accounts, anticipating the arrival to the complete convertibility demanded by clause VIII in the Agreement of the International Monetary Fund. This constituted an important advance of the reform of the currency system. From 1997, facing the whip of the financial crisis of Asia, the Chinese Government declared the maintenance of the stability of the rate of change of renminbi and the nondevaluation of the currency. This was greeted by the international community. In 1999, the currency reserves of China reached 154,700 million dollars, increasing in 99 times in comparison with 1978.
Insurances In 1981 the Popular Company of Insurances of China formed on the base of an administrative establishment and counts, besides the power station, with branches in the independent provinces, regions, municipalities directly subordinated to the central Power and the districts. On 1988 the Insurance agency Ping´an and the Insurance agency were based the Pacific, which develops their activities in the regions of the coast. In 1996, the Popular Company of Insurances of China took to great steps in the improvement of the administration and management, the establishment of a modern enterprise system and the connection with the international market. The promulgation of the “Law of Insurances” and the formation of the Committee of Administration and Supervision of Insurances of China provided legal foundations and rules of operation in the market of insurances. Until 1999 there were altogether 29 insurance agencies in all the country, among them 4 state companies, 10 companies of action, 5 companies of mixed investment Chinese-foreigner, 10 branches of insurance agencies of foreign investment. This way a new configuration formed initially in which the state companies are component main, Chinese and foreign companies coexist, and many insurance agencies compete. The cooperation and the interchange of the Chinese and international insurances were fortified constantly. At the end of 1999, more than one hundred organisms of foreign insurances they established representations in China. At the first moments after resuming their workings, the insurances of China offered simple services and assured only the goods the companies. At present, the companies toil in more than 280 lines inside and abroad and their insuring services come near little by little at the level of the international. In 1999 the annual income by insurances reached 139,300 million of yuanes (including the organisms of the foreign investment). Among them, the cousins by assured goods were of 52,100 million of yuanes, the obtained ones by life insurances reached to 76,800 million of yuanes; those of health and accidents they reached 10,400 million of yuanes. A total of 51,000 million of yuanes, which was compensated 31,800 million of yuanes corresponded to the insurances of goods and people and 19,200 million of yuanes, to the life insurances.
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