The gross value of assets of foreign banks in Shanghai hit 1.32 trillion yuan ($220 billion) by the end of last December, up 11.1 percent year-on-year, according to the Shanghai banking regulatory bureau.

By the end of last year, the total loan balance of foreign banks in Shanghai was 455.11 billion yuan, up 3.3 percent year-on-year; outstanding deposits were 606.94 billion yuan, up 2.6 percent year-on-year; the non-performing loan ratio was 0.38 percent; the provision coverage ratio was 515.61 percent; and the accumulated total net profit was 12.3 billion yuan, 4.6 billion yuan more than 2013.

The bureau said that as China further opens up its banking industry, foreign banks are expanding their business in China, and improving their ability to serve customers. The asset size of foreign banks in Shanghai increased to more than 1 trillion yuan last year from 196.2 billion yuan in 2001, growing at a rate of 16 percent average compound each year.

According to the bureau, foreign banks accounts for about 11.7 percent of Shanghai's banking market at the end of last year, 10 percentage points higher than the national average.

More than half of the foreign-funded banks and branches of foreign banks operating in China are registered in Shanghai. The asset size of foreign banks in Shanghai accounts for 47.3 percent of the foreign banks' total asset size in China.

The bureaus said foreign banks show strong confidence in the Chinese market, and have become an important component of China's banking industry, contributing to the maturing of the banking industry and market in China.

Now, the foreign banks in Shanghai are starting to serve Chinese enterprises and citizens. As China upgrades its in dustrial structure, the foreign banks are ready to serve the country's quickly developing service industry.