This historical problem should be solved by more aggressive reforms before more stringent regulations could be applied and serve as the core objective to improve their corporate governance and business operation. In this spirit, in 2003, the China Banking Regulatory Commission initiated the 3-year plan for banks to comply with Basel II.
On behalf of the Governing Council I made clear during these two periods, in the questions and answers of the press conferences, that all our options were open, including a decrease of rates.