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What is the progress that China has made in opening its finance field?
What is the progress that China has made in opening its finance field?
"Management Regulations of the People's Republic of China on Foreign-invested Financial Setups" as well as its "Implementation Rules" were promulgated in December 2001 and became effective on January 1, 2002. By the end of September 2002, 60 foreign banks from 19 countries or areas had established totally 147 branches and 8 sub-branches in China. The branches of the foreign banks had invested a total of US$35.712 billion in China. By the end of September 2002, 13 foreign-invested bank corporations had been registered in Chinese territory, which included 6 wholly foreign-owned banks and 7 joint-venture banks. The assets of the foreign bank corporations in China amounted to USD2.28 billion.
Chinese government will gradually open Chinese financial markets in light of the commitments that China made for accession to WTO. China will cancel the territorial limitation year by year subsequent to China's accession to WTO and cancel all the territorial limitation in the five years from the accession. As to the business limitation, China will permit foreign-invested banks to provide Renminbi services to Chinese enterprises in the two years from China's accession, and permit them to provide Renminbi services to Chinese citizens in the five years form the accession. Foreign investors can invest in Chinese financial industry on the basis of equal competition. Chinese government will give it a positive consideration if the investment is offered in accordance with the condition specified by the laws.
