On December 22, 1992 (the twenty-ninth day of the lunar winter month), Shougang established Hua Xia Bank.

On December 22, 1992, Hua Xia Bank, China's first commercial bank run by an industrial enterprise, opened. Premier Li Peng attended the opening ceremony and cut the ribbon. [Today in History TodayOnHistory.com]

Shougang Corporation, as the first unit in the country to carry out reform pilots, has now developed into a super-large enterprise with cross-industry, cross-regional and cross-border operations. Internal capital circulation and external capital financing business have increased sharply. The establishment of banks to participate in capital management has become an urgent need for Shougang's further reform and development. After Comrade Deng Xiaoping inspected Shougang on May 22, 1992, the State Council not only granted Shougang greater investment project approval and foreign trade autonomy, but also granted Shougang capital financing rights, approved Shougang to establish its own bank, and operate financial business in accordance with international practices. Hua Xia Bank is a financial enterprise owned by the whole people set up by Shougang Corporation. Administratively, it is under the leadership of Shougang Corporation. It accepts the guidance and inspection of the People's Bank of China in business. It has independent legal personality and registered capital of 1 billion yuan.