China has been steadily opening its banking sector to foreign
investors and this process will continue to the end of 2006. By
then all restrictions on foreign banks will be lifted.
Speaking at the Second China-Russia Financial Forum held in
Beijing on Thursday, a senior Chinese official said foreign banks
have become an important part of the Chinese banking system. He
added China would adopt preferential policies to encourage foreign
banks to purchase shares in Chinese banks.
The senior official Tang Shuangming, vice chairman of China Banking Regulatory
Commission, pointed out that China has approved 12 branches and
25 representative offices of foreign banks, and authorized 12
foreign banks to conduct on-line banking business since China
acquired World Trade Organization membership in December 2001. And
he promised China would continue to implement its WTO
commitments.
Tang said, "Under its WTO commitments, China will further expand
banking business available to foreign investors, and restrictions
will be completely removed by the end of 2006."
China has now registered 191 foreign banking institutions, and
209 representative offices of foreign banks have been established.
73 foreign banks are allowed to conduct RMB business and half of
the foreign banks in China can conduct full forex business.
(CCTV.com November 29, 2003)