The China Banking Association has formally released its Chinese Banking Industry 2007 Social Responsibility Report, which is claimed to be the first of its kind for the mainland's banking industry.
According to the report which was compiled by 51 Chinese banks, all of which are members of CBA, by the end of 2007, the total assets of China's financial institutions had reached CNY52.6 trillion, an increase of 19.7% compared to the previous year. The total debt of the industry was CNY4.96 billion, up 18.8%. The report said that China's financial institutions had all made dramatic achievements in capital adequacy rates, asset quality and risk management while expanding their scale of operations.
The report shows that in 2007, Chinese banks paid CNY197.954 billion in taxes, and their contribution to society lies not only in finance, but also the development of the national economy as well as charity and environment protection.
