Wendy Zhang/ Shanghai Daily news

The China Banking Regulatory Commission (CBRC) and Banco de Espana held a high-level seminar in Shanghai yesterday on the sharing of different countries' experience of banking sector restructuring.
More than 160 delegates from 17 countries attended the seminar, including senior managers from major commercial banks in China and Spain, Chinese representatives of foreign banks and delegates from the International Monetary Fund, EU and the Bank for International Settlements. Chinese academics also attended.
"The banking sector plays a key role in national economic development. We will make more efforts to attract strategic investors, improve management systems and enhance the risk management of banks," said Cheng Siwei, Vice Chairman of the Standing Committee of the National People's Congress, adding that companies which qualify will be offered more support to go public.
"A healthy financial system ensures capital is allocated in a highly-efficient way. In the 1970s, the financial sector of Spain was facing many challenges, but we implemented reforms and acquired a great deal of experience along the way. We would like our experience to be of use to the whole world," said Miguel Sebastian, Spanish Deputy Prime Minister and Minister of the Economy and Finance.
The Chinese banking sector has made great strides in recent years, with bad-loan ratios in state-owned banks slumping, said Liu Mingkang, chairman of the CBRC. The CBRC and Banco de Espana will sign a cooperation agreement during the seminar. To date, the CBRC has signed supervisory and cooperation agreements with banking authorities in 20 countries and areas.