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CHINA PRESS: The turning point in the development of Chinese banks came earlier
than expected, and banks' businesses are healthier, The Securities Times said in
a front-page commentary Friday. Based on first-half reports released by banks,
Chinese banks' performances were relatively good, especially big state-owned
banks. Many indicators were better-than-expected, with net profit of the four
big banks rebounding and showing significant growth. China's robust economic
development has stimulated the financing needs of the real economy, and higher
financing costs caused by market liquidity fluctuations also contributed to the
growth of bank profits. Banks' initiatives to speed up their restructuring, as
well as their efforts to reduce costs, are also important reasons for their
better performance. (The Securities Times)