Three of four other State lenders have already gone public, also installing overseas strategic investors with the aim of introducing advanced management know-how.

For years, these banks were regarded as being technically insolvent due to huge bad assets.

Thanks to bold, commendable measures including enormous State financial input for capital replenishment and write-offs of bad debt, as well as the listing schemes, the banks are establishing an image as commercially viable institutions.

Shares of these banks are enthusiastically snapped up, and have performed well. ICBC, for example, is set to raise US$21.9 billion from the market, making its initial public offering the largest the world has ever seen; its stocks are anticipated to be investors' darlings at the second market.

Financial engineering for the restructuring has proven to be successful. Consequently, central Huijin, which represents State interests in the restructured State banks, has witnessed the growth in value of its stakes in the listed banks.

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