PwC poll: Local banks pose stiffer competition

BEIJING - Foreign banks operating in China see rosy prospects for their growth in the country, but admitted Chinese lenders are rising into "formidable competitors" to challenge their expansion, consultancy and audit company, PricewaterhouseCoopers (PwC) said on Wednesday.

In a PwC survey of senior executives involved in China business at 42 foreign banks, these institutions continue to stake their future in China with most of them expecting revenue growth of between 10 and 20 percent in the country this year.

"China remains a key market for the future growth of foreign banks, and there is no room for complacency in this increasingly competitive market," said Raymond Yung, financial services leader for PwC China.