CHINA TO LIFT RESTRICTIONS ON FOREIGN BANKS UPON ITS WTO ENTRY
AsiaInfo Services, November, 2001
AsiaInfo Services 11-16-2001 China to Lift Restrictions on Foreign Banks upon Its WTO Entry CHINA, Nov 16, 2001 (AsiaPort via COMTEX) -- China is to be formally accepted by the World Trade Organization (WTO) on December 11th. China has pledged to gradually lift restrictions on foreign banks after its WTO accession. According to statistics recently released by the People's Bank of China, by the end of this September, the number of foreign banks in China was nearly 190, including 158 subsidiaries and 6 sub-branches. So far, the total assets of foreign banks have merely taken 2 per cent in the home financial industry.
However, the surplus of foreign exchange loans provided by these foreign banks has accounted for 20 per cent of the total foreign exchange loans...
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