For­eign banks see re­forms as pos­i­tive: sur­vey

China Daily (Canada) - - NEWS CAPSULE -

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.

WEI JIANSHUN / ASIANEWSPHOTO

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.

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