Every generation or two a piece of international legislation has the ability to transform the economic landscape of a country. For China, its 2001 ascension to the World Trade Organisation WTO truly marked its arrival on the international scene and, for the banking sector, both domestic and foreign, spelled an era where both new opportunities and challenges would emerge.
On 11 December this year, ChinaÆs banking market will open completely to foreign players. While there are still a few regulatory hurdles and administration problems to be ironed out, foreign banks already smell immense opportunity once these barriers are lifted.
Between now and 2010, China is expected to account for one-third of all international bank revenues....
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