by K C Kwok Chief Economist, NE Asia,
Standard Chartered Bank
China's banking reform needs to be stepped
up
- A lot of the country's savings are
misallocated to inefficient enterprises
- Credit-worthy firms denied credit
- Many firms forced to take unnecessary risk
- Country's financial stability could be an
issue if problems not dealt with quickly
WTO to stimulate banking reform
Faster pace of opening up to foreign
banks
- RMB business with local enterprises 2 years
after accession
- consumer banking with Chinese citizens after
5 years
- geographical restrictions will be lifted
Local banks will have to catch up
faster
Opportunities in China
- China's corporate sector reform will require
a lot of equity and debt financing
- China's consumer banking service is still at
an early stage of development
- Banking in China in general has to modernize
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