Foreign banks see reforms as positive: survey
Foreign banks in China say they are upbeat about the country’s ongoing financial reforms, and are looking forward to expanding their market share in 2014, according to an Ernst & Young survey.
“All of these (reforms) are good news for foreign banks in China. Any move toward a more open, transparent and less regulated marketplace will be broadly welcomed,” said Geoffrey Choi, a partner with Ernst & Young in charge of assurance business in China.
The survey, which polled 38 locally incorporated foreign banks, found they are confident their management skills will give them an edge after reforms create a more level playing field among domestic and foreign institutions.
Soldiers stand guard at a border area of Heilongjiang, the northernmost province in China, where the lowest temperature can hit to 50 degrees below zero.