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.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).