Liu Mingkang, chairman of the China Banking Regulatory Commission , told a financial forum that there will be "good news" next year in terms of the bank's restructuring, but the specific reform plan still requires central government approval.

Related readings:  ABC submits revised reform plan  ABC to launch expensive joint stock reform  Remarkable achievements from Chinese banking reform

According to earlier media reports, the bank submitted a revised reform plan to the State Council China's cabinet last month, which seeks the listing of the entire bank. Previous plans had called for the lender to be split up.

"After the restructuring, the bank should strengthen its market orientation in order to better serve the agricultural sector, rural areas and farmers," People's Bank of China Governor Zhou Xiaochuan said.

In a report to the National People's Congress Standing Committee, the central bank chief told legislators that the ABC's joint-stock reform will be accelerated.

Based on the completion of external auditing, as well as asset and capital verification of the ABC, the government will steadily implement financial restructuring including spinning off losses and a capital injection from the government, and follow up with moves to establish a joint stock company, Zhou said.

A final decision on the bank's reform plan is expected at the Central Financial Work Conference, expected to take place before next February's Spring Festival holiday.

1

2

(For more biz stories, please visit Industry Updates)