First of all, Professor Xie gave a brief description of the theories on reform of commercial banks that are commonly used in academia. After that, he analyzed in more details the reform process of China’s state-owned commercial banks. It can be divided into three stages from 1978 to 2008: 1978-1993, the restoration of the four specialized banks and initial exploration of enterprise reform; 1993-2003, introduction of "Commercial Bank" concept and the beginning of the reform of commercialization; 2003-2008, transformation of stockholding system and breakthrough of reform of property rights. Professor Xie then explained these phases, especially the third one. In the third phase, with financial restructuring, strengthening the shareholding structure (including corporate governance and risk management), the introduction of strategic investment and so on, Bank of China, China Construction Bank and Industrial and Commercial Bank of China has completed the transformation. He also summarized the innovation and successful points and put forward his own view of current reform hotpots. Professor Xie’s insights received continuous applause. The enthusiastic students exchanged ideas with Professor Xie after the lecture finished.
