高盛：中国银行业探究（英文版）资料精.pdfVIP

Reading the FIG China Banks Leaves Bank reform and RED BOLT: ongoing wins, likely moves, missing links. Credit tightening measures are November 23, 2004 succeeding and will stay, not fade. Reform wins continue, adding Coverage view: Attractive to the momentum. That said, we still see several missing links to Asia Banks Reform: An overlooked bank reform, which we bunch into an acronym titled RED BOLT. China landmark; a Korea roadmap, November 3 China Banks: Moving closer to critical mass? October 5 Bank reform wins continue, add to momentum/critical mass Why read this report Recent wins: 1. Credit tightening measures succeeding, taking out the froth, lending excesses. • China bank reform wins: closer to critical mass? 2. Lower/more realistic loan growth targets heard from most banks. 3. Better awareness of credit costs, risk-adjusted margins for various lending businesses. 4. Slowly improving credit • Whatís ahead: Likely independence and corporate governance, credit independence; new NPLs may increasingly government moves, banking sector trends reflect macro cycles, bad micro moves, not fraud or state-mandated unviable loans. 5. HSBC • Whatís still missing with as wake-up call for local banks after string of strategic investments into C