According to the most recent "Foreign-funded Banks in China" survey from Pricewaterhouse Coopers, responding foreign-funded banks believe that once Shanghai is developed into an international financial center, their limited market share will significantly increase.
The survey, which was conducted in April and May this year in Beijing, Shanghai, Hong Kong and Shenzhen, interviewed 41 foreign-funded banks in China. The majority of responding banks believe that market confidence and investment by foreign-funded banks in China's banking market has not been affected by the outbreak of the global financial crisis.
Confidence levels indicated by the 40 banks were essentially the same in 2009 as those of the previous year. Many foreign-funded banks have expressed a desire to expand their influence and business activities in China over the next three years, as well as increased confidence in China.
At present, 26 foreign-funded banks have already set up corporate institutions in the Chinese mainland, with more banks hoping to set up in the future. According to the survey, the foreign-funded banks that have already set up corporate institutions in China are developing steadily, expanding their branch networks, and have already benefited from the Renminbi savings business.
By People's Daily Online