Premium Essay

Banking in China

In: Business and Management

Submitted By Jeffrey123
Words 1008
Pages 5
The opening up financial industry is not only one of the most important goals for service trading liberalization, but a significant promise our country made when joining the WTO. In the several round of the negotiations on the issue of China’s joining, almost all the negotiating parties, especially developed countries, put forward a relatively high demand on the openness of financial industry. In order to join the WTO, China had to make a promise to open up financial industry in a planed and steady way, and the Schedule of Specific Commitment in the documents appended thereto of the Agreement on Financial services is a measure of the degree of openness
Because banking is the cornerstone of the financial industry, the degree of banking openness decides that of the financial industry in a large part. Therefore, the study of banking openness has been one of hot topics both in the academic field and practice field. Many researchers discuss the challenges and competition we face after join the WTO, so does the strategy to fight against the foreign banks. However, in order to find out the way to strengthen the domestic banks, attention should be paid not only on what we can do inside the country, but what others had done outside the country. We should learn the experience of other countries in order to spot out China’s shortage in banking and improve it. United States is the major financial power in the world, and the comparison between US and China can give us some ideas on how to strengthen China’s own financial power.
2. Discussion
2.1 The comparison of opening up banking industry between US and China
In the section, the comparison about opening up of banking industry will focus on three aspects: goals, mode and results. From the analysis of the similarity and difference, we hope to find out China’s shortages and the way to adjust it.
2.1.1 The comparison of the

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