February 2002
Upgrading financial services lures foreigners
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| HSBC Shanghai: first
mover |
For financial institutions from Europe, the US and Japan,
China is the last great frontier. Though the country's membership
of the World Trade Organization, which came into effect last month,
will bring major changes across the economic board, the revolution
is likely to be most radical in banking, share markets, insurance
and allied services.
As well as foreign banks taking equity stakes in their Chinese
counterparts, the way is open for insurance firms, pension funds,
financial managers, lawyers and accountants - so long as they can
work with national partners in the joint ventures that form the
model for foreign companies in the Chinese market. The sheer size
of China and the government's commitment to high growth mean that
revenue forecasts quickly jump into the top league. GMAC, the
financial services arm of General Motors, for example, talks of the
country becoming one of its top 10 markets five years after it
starts operations...
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