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).

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