Vice-Premier Huang Ju said in Beijing Thursday that China welcomes foreign banks to take an active part in its economic development and banking reform, increasing cooperation with it in the banking, insurance and securities sectors.

Huang made the remarks during a meeting with Baudouin Prot, chief executive officer (CEO) of the BNP Paribas, the largest French banking group and the first European bank which set up a representative office in Beijing back in 1980.

At present, Huang noted, China's economy still maintains a good momentum for growth, reform in the banking sector has further sped up, and substantial progress have been made in the reform of State-owned commercial banks, all these provide important business opportunities for foreign financial companies, he said.

China and France share a very great potential for banking cooperation along with continuous opening-up and expanding of Chinese financial sector, Huang acknowledged, adding that it will contribute to the growth of Sino-European economic and trade ties.

Baudouin Prot appreciated China for the achievements it had made in its economic development and financial reform, saying that the BNP Paribas confides in exploring further in the Chinese market.

(Xinhua News Agency November 12, 2004)