Chinese Vice Premier Huang Ju Thursday urged the Bank of China, which transformed into a share-holding company on the day, to improve management and ensure the success of its reform.

"The reform of state-owned commercial banks has a direct impact upon China's overall economic and financial situation," said Huang."This is a reform that must succeed."

The Bank of China Thursday became a joint-stock bank, with the Central Huijin Investment Company Limited currently owns 100 percent of the bank's stocks on behalf of the state.

Huang said the nature and essence of the reform of state-owned banks is shifting the management mechanism. The Bank of China should further deepen reform in various fields and strive to make big breakthroughs in corporate governance structure, business growth mechanism, financial accounting system, risk management system, and incentive and control mechanisms, he said.

He asked the Bank of China to ensure all-round success in the reform and make a good beginning for the reform of state-owned commercial banks.

Source: Xinhua