Online bank transactions to hit 20 trillion yuan in 2004

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Last updated at: (Beijing Time) Tuesday, November 25, 2003

Online bank transactions to hit 20 trillion yuan in 2004

China's online bank transactions are expected to reach 20 trillion yuan (about 2.4 trillion US dollars) by the end of this year, according to a recent international symposium.

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China's online bank transactions are expected to reach 20 trillion yuan (about 2.4 trillion US dollars) by the end of this year, according to a recent international symposium.

Currently, China has over 40 million individuals and 60,000 companies and institutions involved in online banking businesses.

The seminar on Monday, called the "international symposium on the development of online banking and supervision", was sponsored by the China Banking Regulatory Commission.

In the late 1990s, China began allowing banks to open online businesses and so far, 41 commercial banks have opened websites, including 31 Chinese-funded banks. A total of 31 banks have launched online businesses, including 21 domestic ones.

This year, Internet-based banking businesses have witnessed a big step forward, owing to the outbreak of SARS (severe acute respiratory syndrome).

During the first eight months, the Commercial and Industrial Bank of China alone saw its online trading amount to 10.53 trillion yuan (almost 1.27 trillion US dollars) and attracted 23,000 new company customers and 2.9 million individual clients.

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