The President of China's Banking Supervision Commission, says foreign banks are crucial to the reform of the banking industry in the country.

Liu Mingkang that domestic banks have been cooperating with their foreign counterparts in bonds investment and trade finance, China Radio International reported Wednesday.

At present, nine of China's commercial banks have introduced foreign investment and made progress in corporate governance, risk management and business operation.

Meanwhile, Liu pledges that the Commission will continue to deregulate policy for the further development of foreign banks.

Figures show by October this year, more than 60 foreign banks have established 204 branches in China, with total assets of nearly 66 billion US dollars.

Source: CRI