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國內銀行招股說明書（香港聯交所-英漢對照）
Date:2009-3-24
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:
XXX
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:
XXX
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
中文翻譯
行業概況
下列資料主要與中國銀行業相關。該等資料均來自官方渠道，盡管本銀行董事在編撰及重整此等資料時已合理審慎地處理，但未經本銀行、董事、承銷商或本銀行或承銷商各自的聯屬機構或顧問獨立核實。此等資料可能與中國國內和國外所編制的其它資料不一致。尤其（但不限于）一些海外市場觀察員估計中國的銀行系統的不良貸款水平可能比本文引用的數字要高得多。如果該等估計屬實，本節所載的中國銀行系統的資產水平及其它一些相關資料便可能被高估。
概述
中國的銀行市場是全球增長最快的銀行市場之一。根據《中國金融年鑒》的資料，從1999年到2004年，存入中國金融機構的人民幣總存款從人民幣108,780億元增至人民幣240,530億元，增長了121.1%，而中國金融機構提供的人民幣總貸款則從人民幣93,730億元增至人民幣177,360億元，增長了89.2%。下表載列從1999年到2004年的中國總人民幣貸款、總人民幣存款及個人儲蓄存款情況：
XXX
中國的銀行市場增長主要受惠于經濟增長和中國自1978年起推行經濟現代化所創造及積累的財富。下表載列中國由1999年到2003年的國內生產總值和人均國內生產總值：
XXX
中國銀行業的國內參與者
中國的銀行業包括全資國有銀行、股份制商業銀行、政策性銀行、城市商業銀行、農村商業銀行、農村信用合作銀行、城市信用合作社、農村信用合作社及外資金融機構。下表載列截至2003年12月31日各類銀行業金融機構的數目及市場份額。
四大銀行(1) . . . . . . .
股份制商業銀行(2) . . . . . . . . .
政策性銀行 . . . . . . . . . .
城市商業銀行 . . . . . . . . .
農村商業銀行 . . . . . . . . .
城市信用合作社 . . . . . . . .
農村信用合作社 . . . . . . .
中國郵政儲蓄 . . . . . .
外資金融機構 . .
資料來源：《中國金融年鑒》及中國人民銀行。
(1) 包括中國工商銀行、中國農業銀行、中國銀行及中國建設銀行。
(2) 包括交通銀行、中信實業銀行、中國光大銀行、華夏銀行、中國民生銀行、廣東發展銀行、深圳發展銀行、招商銀行、興業銀行及上海浦東發展銀行。
四大銀行
四大商業銀行，即中國工商銀行、中國農業銀行、中國銀行及中國建設銀行（統稱「四大銀行」），傳統上在中國銀行業占支配地位。根據中國人民銀行的資料，截至2004年12月31日，上述四大銀行占中國金融機構的總資產的53.6%。
股份制商業銀行
根據中國銀監會的資料，截至2004年12月31日，中國境內共有12間持有全國性銀行執照的股份制商業銀行。截至同一日期，就總資產規模而言，本銀行是這些銀行中最大的。一般而言，股份制商業銀行的股東架構各不相同，包括（但不限于）當地政府實體及國有企業。這些股份制商業銀行大多數是在八十年代后期和九十年代初期組建，整體市場份額逐年增加，而四大銀行的市場份額逐年下降。根據中國銀監會的資料，截至2004年12月31日，這些銀行占中國金融機構總資產約14.9%。
政策性銀行
三家政策性銀行－國家開發銀行、中國進出口銀行和中國農業發展銀行是為了讓四大銀行可集中從事商業貸款而成立，其使命是主要為政府援助項目融資。
其它國內銀行業金融機構
從事商業銀行業務的中國其它國內金融機構包括城市商業銀行、農村商業銀行、農村合作銀行、城市信用合作社和農村信用合作社。
中國銀行業改革
改革銀行業是中國政府經濟改革的其中最大挑戰之一。該等改革主要集中于改良一個法律及監管架構；改善資產品質及資本基礎；及利率自由化。
改良法律監管架構
中國政府為改良法律監管架構而采取的措施包括：
--建立獨立中央銀行系統，初步以中國人民銀行作為中央銀行及銀行監督機構；
--于2003年4月建立中國銀監會，中國人民銀行的銀行監督及規管職能轉移至中國銀監會；及
-- 對全國所有金融機構實施新公司治理及管理標準。見「監管」一節。
改善資產質量及增強資本基礎
中國銀行業以往一直承擔大量不良貸款。根據中國銀監會的資料，四大國有商業銀行、政策性銀行及股份制商業銀行的不良貸款于2004年年終時達大約人民幣17,000億元，占中國全國總貸款額13.2%。下表載有有關國有商業銀行及股份制商業銀行于所示日期不良貸款的部份資料：
按等級劃分的不良貸款：
次級
可疑
損失
按銀行類別劃分的不良貸款：
四大銀行
股份制商業銀行(1)
資料來源：中國銀行業監督管理委員會
(1) 包括交通銀行、中信實業銀行、中國光大銀行、華夏銀行、中國民生銀行、廣東發展銀行、深圳發展銀行、招商銀行、興業銀行、上海浦東發展銀行及囪豐銀行。
基于中國銀行業龐大的不良貸款，中國政府已采取多項措施，以解決不良貸款的問題，及提高國內銀行的資本充足率。于1999年，中國政府成立四家資產管理公司，以承擔及解決中國銀行的不良貸款。于1999年，四大銀行合共轉讓人民幣14,000億元之資產予該四家資產管理公司。于2004年，中國建設銀行、中國銀行及本銀行再次轉讓超過人民幣3,300億元不良貸款予信達。為讓銀行及監管機關按照國際標準更有效監察銀行資產質素，于2002年正式實施五級貸款分類制度。
在轉讓該等不良貸款的同時，監管機關亦使用注資方法，以增強商業銀行的資本基礎。于1998年，合共向四大國有商業銀行注入人民幣2,700億元。于2004年，另外再向中國銀行及中國建設銀行注入450億美元，讓兩家銀行重整資本。于2004年，本銀行獲得注資人民幣180億元。有關詳情見「本銀行的重組－財務重組」一節。
利率改革
中國的商業銀行按照中國人民銀行不時公布及修訂的指引利率制定人民幣存款利率及貸款利率。然而，中國政府已采取漸進措施，藉擴大商業銀行以指引利率為基準厘定的人民幣借款利率的范圍，以開放利率管制。
于1987年1月，中國人民銀行首次讓國內商業銀行以高于中國人民銀行基準利率20%的上限及低于10%的下限范圍厘定人民幣借款的利率。經過期內歷年調升之后，于2004年1月1日，中國人民銀行再將人民幣借款（按揭及政策性貸款除外）的利率上限提高至不超過基準利率70%。隨后于2004年10月29日，中國人民銀行更將人民幣借款利率的上限撤銷，只保留有關利率下限。于同日生效，所有接受存款機構現在可以調低（但不是調高）人民幣存款至低于中國人民銀行基準利率。詳情請見「監管」一節。
中國銀行業的外來競爭
外國金融機構透過在中國與中國金融機構組成合營金融機構或成立外商獨資金融機構進入中國內地市場。根據《中國金融年鑒》的資料顯示，于2003年12月31日，中國政府已批準64家外資銀行于中國開設169家分行及支行以及設立15家外商獨資商業銀行、合營商業銀行和財務公司。根據中國人民銀行的資料，截至2003年12月31日，外資金融機構占中國金融機構的總資產的1.5%。
中國法律和法規亦允許外國金融機構購買或認購有限的中國銀行股權。目前，每間外國金融機構可以購買或認購一間中國銀行不超過20%的股權。例如，匯豐銀行于2004年8月購買了本銀行19.90%的股權。
盡管外國銀行在中國境內的業務范圍仍然受到法規約束的限制，但中國銀行業逐步對外國實體開放。在中國加入世貿組織時，外國銀行已獲準在中國提供涉及外幣的服務及產品，并無地域或客戶類別限制。從2004年12月11日開始，外國銀行獲準在18個大城市（其中包括北京和上海）向中國企業提供涉及人民幣的服務及產品。于2006年年底，中國銀行業將對外國銀行全面開放，并無地域或客戶類別限制。因此預期中國銀行界會因外國銀行的進入而致競爭激烈。
此外，中國內地與香港之間的更緊密經貿關系安排于2004年1月1日起生效，該安排是一項自由貿易協議，簡稱CEPA。CEPA容許較小型的香港銀行進入中國銀行業，因而本銀行預期這將加劇中國銀行業的競爭。例如，根據CEPA，在香港注冊成立總資產在60億美元或以上的商業銀行均有資格在中國成立分行。作為比較，根據中國人民銀行及中國銀監會的相關規例，在其它司法管轄區注冊成立的商業銀行須擁有總資產200億美元或以上始符合資格申請成立分行。
零售及私人銀行業務增長
盡管企業銀行業務仍為大多數國內商業銀行的主要業務，提供零售及私人銀行產品和服務亦發展迅速。舉例說，根據中國人民銀行的統計，消費貸款余額由1998年年底的人民幣172億元躍升至2003年年底的人民幣15,733億元，占未收回貸款總額的9.9%和國內生產總值的13.5%。然而，中國的個人借貸水平仍遠低于其它國家。
銀行卡
銀行卡在中國的滲透率仍較在發達國家低，故銀行卡業務在近年獲得快速增長。根據中國人民銀行的統計，所發行的總卡數由截至2001年12月31日的3.83億張增至截至2004年12月31日的7.62億張。此項增長亦促使電子銀行終端網絡不斷擴大。
在中國，借記卡已成為銀行卡的主要類型。截至2004年12月31日，所發行的借記卡達到6.63億張。截至同一日，所發行的信用卡有9,800萬張。信用卡市場的發展受到各種原因的制約，當中包括權限受到嚴格限制、全國性付款設施發展欠佳和缺乏全國性個人信用資料系統。然而，隨著獲得從事信用卡業務發行權的銀行日益增多，中國銀聯的發展和由中國人民銀行所頒布成立全國性個人信用數據庫，預期信用卡業務將在未來獲得快速發展。
個人住房抵押貸款
從1990年起，中國的住房需求日益攀升，此時，中國政府開始實行住房改革，削減國企職工及公務員的住房褔利。截至2004年12月31日，未償還個人住房抵押貸款余額總計人民幣16,000億元，約為1998年年底余額的38倍。抵押貸款成為中國銀行消費貸款的主體。個人住房抵押貸款巿場成為中國經濟持續增長的重要推動力。盡管中國政府從2003年起對房地產業貸款采取措施，實施緊縮政策，個人住房按揭貸款仍保持高速增長。
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