During the process, they gradually established relatively well-regulated corporate governance structure and notably enhanced their internal management, risk control capability and market constraint mechanism, with their assets and profitability leaping into the front ranking of the world. Since 2011, BOC, ICBC, ABC and CCB were successivelyincluded in the list of global systemically important banks (G-SIBs).
Past experience has demonstrated that it was through reforms that we could achieve a leap forward in the soundness of large financial institutions and that China’s financial system was able to withstand the severe blow of the 2008 global financial crisis. Continued advances have been made in the reform of rural credit cooperatives.