Foreign firms need to be patient, careful

China's further opening-up of its financial sector is viewed positively but there are also some reservations as to how quickly foreign institutions will be able to penetrate the market, said PwC's global banking & capital markets sector leader.

"Many financial institutions are obviously interested in the Chinese market. More than 1.3 billion people, a rapidly growing economy, rising number of middle-income earners, and a focus on increasing consumption - all these things are of great interest to foreign institutions," said David Hoffman, who also serves as PwC's global relationship partner for Citigroup, during an interview in Beijing on Monday.

Although there will be interest, investments and targeted growth, Hoffman noted that the foreign financial institutions tapping the Chinese market need to have expectations that are realistic about how long it is going to take because culturally, people are often more inclined to stick with domestic financial institutions.