China: Bank of China’s cultural revolution

The Bank of China aims to be a major international player by the year 2010. But it faces many challenges, not least of which is the transformation of a large proportion of its international profit - from Hong Kong - into domestic profit in less than 500 days. Sophie Roell reports on the bank's efforts to expand its areas of expertise, introduce tighter controls and achieve real independence.

Bank of China’s 20-storey head office is almost the only tower block on Beijing’s “Financial Street”. So far, no other banks have moved there. The most prominent building is the Holiday Inn. In years to come this could turn out to be a booming financial district – or another failed government planning effort.

Fortunately, the Bank of China is familiar with the limitations of government planning and no stranger to the vagaries of Chinese history. As the bank looks ahead to the next century, it can boast that it at least survived most of the last one.

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