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People's Daily Online>>China Business

Foreign banks confident about Chinese market

By Zhao Xiaoqiang (The Economic Daily)

16:13, January 10, 2012

Edited and translated by People's Daily Online

Since China joined the World Trade Organization in 2001, foreign banks have deeply participated in the country's economic and financial reforms, and become an important part of the country's banking sector. The banks have also enjoyed rapid development while participating in China’s economic and financial reforms.

Many multinational banks have continued to increase investment in China, given strong revenue growth on the Chinese market and their confidence in the Chinese economy. Certain banks have enhanced China's role in connecting European and Asian markets and strengthened efforts to expand their business in the country.

On Nov. 11, 2011, the Hong Kong and Shanghai Banking Corporation (China) (HSBC China) declared that its registered capital had increased to 10.8 billion yuan, making it the one with the largest registered capital in all the foreign-funded banks registered in China.

The president and CEO of the HSBC (China) Huang Bijuan said, "This increase of the registered capital will further increase our businesses. The bank has been actively expanding its businesses and the number of its service sites has more than doubled since it changed into a locally registered bank of China in 2007. The capital and trade interactions between the Chinese market and global market have also been strengthening."

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