Bank of China

Bank of China is one of the big four state-owned commercial banks of the People's Republic of China – the other three are Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China. Bank of China was founded in 1912 to replace the Government Bank of Imperial China, and is the oldest bank in China. From its establishment until 1942, it issued banknotes on behalf of the Government of the Republic of China along with the "Big Four" banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, in 1928 the Central Bank of China replaced it in that role. Subsequently, BOC became a purely commercial bank.

BusinessChina Business

Business Digest, September 25, 2012

PUBLISHED : Tuesday, 25 September, 2012, 12:00am
UPDATED : Tuesday, 25 September, 2012, 4:30am

BOC forecasts growth will beat official target

Bank of China predicted mainland economic growth will reach about 8 per cent this year, higher than the government's target of 7.5 per cent. BOC forecast the central bank will cut banks' reserve requirement ratios once or twice more this year but said interest rate cuts will be less likely. Kwong Man-ki


New World wins URA Sneaker Street project

New World Development won the right to develop the Urban Renewal Authority's "Sneaker Street" commercial and residential project in Mong Kok. Surveyors say the 26,673 square foot site near the Macpherson Playground is worth HK$2.5 billion to HK$3 billion. Yvonne Liu


Li & Fung expects 50pc jump in Walmart sales

Li & Fung chief executive Bruce Rockowitz said yesterday sales to Walmart Stores would grow 50 per cent in the second half from the first, because the world's biggest retailer sought more categories of products from the Hong Kong-based supplier. Ray Chan


Purchases of green PCs to be subsidised

Beijing will provide subsidies to buyers of some desktop personal computers as part of a larger government programme backing sales of energy-saving products. The central government will give 260 yuan (HK$319) for each purchase of a computer that meets energy-saving and efficiency benchmarks, the Ministry of Finance said on its website. The programme, which starts on October 1, will last for a year. Bloomberg



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