CHINESE BANKS URGED TO PREPARE FOR COMPETITION
AsiaInfo Services, May, 2001
AsiaInfo Services 05-14-2001 Chinese Banks Urged to Prepare for Competition HONG KONG, May 14, 2001 (AsiaPort via COMTEX) -- Liu Mingkang, chairman and president of the Bank of China, said here Chinese banks should prepare themselves for tougher competition from its foreign counterparts after China joins the World Trade Organization (WTO). Liu said at a Fortune Global Forum roundtable that China's banking sector will not only enjoy advantages brought about by China's WTO accession, but also face many new challenges. In five to 10 years, Chinese banks may be faced with problems, such as the loss of clients and brain drain, as a result of foreign banks' flooding into China, he said. However, Liu was also optimistic about the post-WTO scenario since Chinese banks...
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