Asia: China - Foreign Bank Integration Accelerates In China - Louise Do Rosario Says The Pace Of Change Has Speeded Up Dramatically Since China Signed Up For WTO Status.

Banker, The, May, 2004

For many years, foreign banks in China grew at a snail's pace, while the local economy was growing an impressive 8%-9% a year. Foreign banks made a negligible impact on the local banking scene, as they were confined by law to a few cities and to serve mainly foreigners.

This situation has changed, thanks to the financial liberalisation China has made in accordance with its commitments to the World Trade Organization (WTO).

As the regulators remove the barriers blocking foreign entry in one sector after another, foreign banks are finally able to assert their presence, attract more customers and become more confident about the market.

Restrictions eased

Since 2002, China has eased geographical restrictions and allowed foreign banks to...

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