As an important part of reform and opening up, the banking industry's opening up to the outside world is showing an accelerated trend. On the basis of compliance with the law and strict adherence to the bottom line of risk, the China Banking and Insurance Regulatory Commission recently approved the establishment of a Shanghai branch of Jordan, the establishment of a Shenzhen branch of China Trust Commercial Bank, and the promotion of Shenzhen Qianhai Branch of East Asia (China) Co., Ltd. to branches, and approved the opening of Changhua Commercial Bank's sub-bank in the mainland and the opening of Cathay Shihua Commercial Bank's sub-bank in the mainland.
Data from the China Banking and Insurance Regulatory Commission shows that as of the end of 2017, the total number of foreign banks' business institutions in China reached 1,013, an increase of nearly 5 times in the past 15 years, with an average annual growth rate of 13%. The total assets of foreign banks in China have increased from more than 300 billion yuan at the end of 2002 in the early days of joining the WTO to 3.24 trillion yuan at the end of 2017, an increase of more than 9 times; in 2017, the cumulative net profit of foreign banks in China was equivalent to 10 times that of 2002. At the end of 2017, the registered capital of foreign banks increased by more than 6 times compared with the end of 2002. Behind these data is the continuous innovation and breakthrough of the localized business models of foreign banks.
For a long time, foreign banks have always had obvious advantages in high-end financial management, bank cards, financial derivatives and online banking. In China, foreign banks are also making full use of their own advantages, and wealth management business is an important breakthrough for them to focus on retail.
localization acceleration is also reflected in the layout of financial technology. In recent years, with the rise of the domestic Internet finance wave, as traditional banking and financial institutions, like Chinese banks, foreign banks are also constantly accelerating the pace of financial technology. In fact, using the Internet has also become an important means for him to develop his personal business.
In addition, based on its firm optimism about the Chinese market, many foreign banks have put forward strategic development ideas to support the opening of the capital market, promote the internationalization of the RMB, and support the "Belt and Road" initiative.
Judging from the latest 2017 financial report disclosed by foreign banks in China, a group of foreign banks have achieved remarkable results. Last year, the net profit growth rate of Bank of East Asia and UOB exceeded 200%. At the same time, Standard Chartered's net profit growth rate also exceeded 160%, from 555 million yuan to 1.445 billion yuan. Also good profit performance include Hang Seng Bank , JPMorgan Chase , Citibank and BNP Paribas , with net profit growth rates of 64%, 54%, 46% and 46% respectively.
In this regard, a relevant person in charge of the China Banking and Insurance Regulatory Commission revealed that it will continue to actively promote opening up to the outside world, strengthen policy guidance, and accept various applications for connecting with opening measures. At the same time, we will continue to improve regulatory capabilities, and while deepening reform and opening up, we will promote the safe and stable operation of the banking industry. "The changes in the opening up of the banking industry can be summarized in a more vivid way, that is, 'how many more'." Duan Jining, director of the Foreign Banking Supervision Department of the China Banking and Insurance Regulatory Commission, previously stated that the number of foreign banks' institutions in China, operating areas, service objects, types of business operations, and profits achieved from less to more. At the same time, my country's restrictive regulations, approval matters, and regulatory policies for foreign banks are from more to less. "From these changes, we can see that the 'door' of opening up of China's banking industry is getting bigger and bigger."
