Drawing a new road map for financial prosperity

Comment

In December 2001, China became a formal member of the World Trade Organization (WTO), an event which led to foreign banks in China enjoying a new and fully open era. Since then, the development of the local banking system has gone through two stages.

The first stage was from 2001 to 2006. During this stage, China's banking industry began to implement its commitment to the opening-up policy. The second stage, from the end of 2006 to now, was when the banking market totally opened to foreign institutions, allowing foreign banks unrestricted access in terms of region, business and customers.