Playing catch-up
In 2006, Chinese banks will have to compete directly with their Western counterparts as part of China’s accession to the WTO. Now, local institutions, aided by a growing number of systems vendors, are beginning to gear up to meet this challenge. By Victor Anderson
With China’s accession to the World Trade Organisation (WTO) in November last year, domestic banks have begun to realise that the time left to develop into efficient and competitive businesses is fast running out. Already, some foreign banks have taken their first WTO-enabled steps, with Citibank cleared to conduct foreign currency business with Chinese corporate and individual clients in March. This makes it the first wholly owned foreign bank to be granted access to China’s domestic customer
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