text: Several former employees of ICBC have moved on to work in prominent government positions in China. Notable ICBC alumni include China Securities Regulatory Commission Chairman Yi Huiman and People's Bank of China Governor Pan Gongsheng.
  History
  Background
  Following the Chinese Communist Revolution in 1949, China adopted a so-called monobank system in which all financial operations were operated by the People's Bank of China (PBC). In 1978-1979, the Chinese authorities initiated banking reform, whose effect was to transform the PBC into a proper central bank while specialized commercial banks were formed under its watch. This resulted in the gradual establishment of a two-tier banking system.
  1984–2006
  By rights of a contradiction within the economic functioning of the government of China, the People's Republic, the State Council of China, during September of 1983 made a decision to separate certain activities of the government to an exclusively operating organisation, subsequently named the Industrial and Commercial bank of China, established on 1 January 1984. ICBC was then the fourth of the four specialist banks of 1978–1979 to be made, from the taking of control of commercial activities ("industrial credit and savings business") from People's Bank of China so that the latter might be transformed to a newly made central bank. ICBC focused on the intermediation of deposits.