The top priority in the following years was the reform on stateowned commercial banks. We ushered in the reforms on ownership structures of these banks with the successful listing of the Industrial Commercial Bank of China, the China Construction Bank, and the Bank of China.
Governance structures of state-owned commercial banks saw fundamental changes owing to the listing of these banks, corporate transparency enhancement, and supervision based on international accounting standards and external audit requirements. Although facing huge accumulation of foreign exchange reserves, China insisted on introducing foreign strategic investors, encouraging overseas listing of commercial banks, and increasing inflows under capital account during the reform of state-owned commercial banks.