Foreign Banks in China: What Impact

Would They Bring about?

外资银行在中国:他们带来了什么样的影响?
After a long absence, foreign banks are coming back to China as the country becomes
increasingly open and its economic and financial systems become more liberalized.
The entry of foreign banks will bring significant impacts on China’s economic and
financial development in the future. A most notable impact will be their catalyst role
in facilitating the rationalization of the country’s banking and financial regulation
system. In addition, a greater role played by foreign banks will necessarily pose
serious challenges to China’s macroeconomic stability management in the long run.
阔别多年之后，外资银行陆续返回中国,随着国家越来越开放，其经济和金融体系,成为
更加自由化.，外资银行进入会给中国经济金融的未来发展带来重大影响。一个最显着的影
响,将成为该国的银行及金融监管系统的催化剂的作用,推动合理化,. 此外,扮演重要角色的外
资银行,必然会对中国宏观经济的稳定,管理的长远发展.造成严重的挑战,
Foreign banks are coming to China. Since China became a member of the World Trade
Organization (WTO) in 2001, a number of foreign-banking institutions have announced their
intent to enter the Chinese market. Several foreign banks bought stakes in Chinese banks, while
others expanded their branch networks in major Chinese cities to prepare for local currency
banking businesses, which have been made possible only recently.
外资银行到中国来 . 自从中国于 2001 年成为世界贸易组织 (WTO)的一员后，一些
外资金融机构已宣布打算进入中国市场 . 当其他银行在中国主要城市扩充其分行网络 ,准备
开展最近才可能的当地银行业务，几家外国银行已经购买中国银行的股票。
The wave of foreign banks entering China today may have vast and profound implications for
the future of Chinese economy and finance. Compared to the huge amount of total assets held by
domestic Chinese banks? which is about US$1 trillion and approximately equivalent to China’s
gross domestic product (GDP) in one year ? today foreign banks in China only own a tiny
proportion of it (4 percent at most). Yet, foreign banks stand out as a serious competitor to
domestic Chinese banks and the new challengers to China’s existing banking system, which has
been characterized by state ownership, government intervention and immunity to international
market fluctuations. Given the fact that many foreign banks are currently seeking a union with
Chinese banks, which are also flirting with foreign suitors, it would be interesting to know what
impact foreign banks would bring to China’s economy and finance in the future.
今天外资银行进入中国的势头，可能对未来中国经济有着巨大而深刻的影响 , 相对于由
中国国内银行持有的大约相当于中国国内一年的生产总值(GDP)：1 万亿美元的庞大资产总
额，今天外资银行在中国只拥有一个很小的比例 (4%最多). 然而, 外资银行作为一个严肃的
竞争对手, 以中国现有的银行系统 ,其特点是国有企业 ,政府的干预和对国际市场的波动免疫
力.中国国内银行面临新的挑战。事实是许多外国银行目前正在寻求同样需要合作者的中国
银行组成联盟，研究外资银行将给中国经济和金融的未来带来什么样的影响会很有意义
This paper will first of all provide a brief review on what foreign banks had been doing in
China until the time China joined the WTO in 2001. In Section II the pattern of foreign bank entry
into China and their businesses will be analyzed with regard to their integration with China’s
economy and finance. Section III will discuss the likely long-term impact that foreign banks will
have on the future development of China’s economy and finance. Finally, Section IV will draw a
conclusion.
 本文将首先简述在 2001 年中国加入世贸组织后，哪些外资银行已在国内 , 在第二节, 结
合中国经济，外资银行进入中国,对他们的经济业务将予以分析. 第三节将讨论外资银行对
未来中国经济的发展可能造成的长期影响。最后,第四节将得出一个结论.
I. Foreign Banks in China: A Brief Background
外资银行在中国:背景简介
Historically, foreign banks were not a novelty to modern China. They first appeared in
China’s treaty ports where a few select coastal cities were opened to foreign businesses under
unequal treaties during the mid-19th century. In the early period, foreign banks mainly served as
international trade portals between China and the outside world. Toward the end of the 19th
century, a U.S. consul-general in Shanghai observed that while indigenous Chinese banking firms
lacked a clearly defined legislative and regulatory banking framework, they had developed a well-
functioning operational system in major aspects of modern banking, such as issuing notes,
accepting deposits, lending and clearances ? in some port cities they even enjoyed certain
competitive advantages over foreign banks (Jernigan, 1896, pp.546-567).
历史上外国银行对于现代中国来说并不新鲜 . 在 19 世纪中叶，中国签订不平等条
约，他们首次出现在开放给外商的几个口岸沿海城市，在初期 ,外资银行主要是作为国际贸
易门户，连接中国与外部世界。到 19 世纪末期, 美国驻上海总领事指出,尽管原中国银行缺
乏一个明确的立法和监管 ,但他们在主要业务系统下的现代银行业务运作良好 ,如发行债券
接受存款 , 贷款和结算。在一些港口城市 , 对外资银行他们甚至还享受一定的竞争优势
(jernigan,1896,pp.546-567).
Yet the arrival and growth of foreign banks in China exerted a great impact on China between
the late-19th century and the 1930s. First of all, they inspired Chinese people to create and
develop a modern banking business in their own right. The first modern Chinese bank was
established in 1897 by a high ranking bureaucrat with extensive business experience with foreign
firms. Ten years later, the first private Chinese bank was formed by a group of business people in
Shanghai, some of whom had worked at foreign banks. Secondly, a large congregation of foreign
banks in Shanghai turned the city into a significant international financial center in the Far East,
fore shadowing the coming of its contemporary peers like Hong Kong and Tokyo. Thirdly, the
interplay between foreign banks and domestic Chinese banks in Shanghai, together with other
centripetal financial and non-financial market forces, made the city an effective financial center
for China during its heyday in the 1930s, remarkably facilitating the process of national economic
integration that would otherwise have remained very fragmented (For a detailed account of this
background, see Cheng, 2003; Ji,)
在 19 世纪晚期与 19 世纪 30 年代，外资银行的增长在中国产生了巨大的影响 , 首先,他
们激发了中国人民在自己的权利下建立和发展现代化的银行业务 ,. 第一届现代中国银行成
立于 1897 年，由一个具有与国外银行广泛的业务经验的高级官员建立 ,. 10 年后,第一家中
国民营银行的成立,由一群商界人士在上海成立， 其中有些人曾在外资银行工作. 其次, 大
量的外资银行进入上海 ,把城市变成远东一个重要的国际金融中心，就像香港和东京 . 第三,
在中国全盛的十九世纪三十年代时期 ,外国银行和中国国内银行在上海的相互作用，连同其
他金融机构和非金融市场的力量, 使上海成为一个有影响力的金融中心,明显促进了国家经
济一体化,否则就有可能依然十分零散(背景详细见 cheng,2003 年; Ji).
In hindsight, however, one might wonder whether the accelerated financial link between the
country’s financial center and the rest of its regions had played a role in accidentally destabilizing
the monetary system at a conjuncture when China struggled with a series of turbulent internal and
external events. An episode documented in Friedman (1994) occurred during the mid-1930s when
China was compelled to abandon its previously- prevailing silver standards in response to soaring
international silver prices and a subsequent money drain and adopted a fiduciary system that
ultimately led to hyperinflation in the 1940s when the civil war occurred. Then, foreign banks in
China might not have been held responsible for the mischief, although the government responded
to the situation by establishing a banking structure dominated by state-owned national institutions
and imposing strict restrictions on foreign-exchange markets that were largely inherited (under
different names) in post-1949 China.
回想过去, 不管怎么样，我们不禁怀疑 ,加快国家的金融中心间金融联系 ,其余的地区也
起到了一定的作用,在无意中破坏了金融体系。当处在十字路口的的中国挣扎着处理一连串
的动荡内部和外部事件时，弗里德曼(1994 年)记载了一个发生在 90-30 年代的小插曲,当时
中国不得不放弃其先前流行的银价标准来回应高涨的国际银价，以及及随后的货币外流 ,最
终导致恶性通货膨胀。在 1940 年的内战发生时,外资银行在中国可能没有义务为此负责，虽
然政府做出了回应，建立一个金融结构为主的国有国家机构和严格限制对外汇市场。在一九
四九年后的中国.基本上承袭了这套机制。
From a historical point of view, the new arrival of foreign banks in China, following Deng
Xiaoping’s reform and opening-up policy introduced in the late 1970s, may be regarded as their
re-entry. The absence of foreign banks in China between the 1950s and 1970s had been coupled
with the nationalization of the country’s banking sector, shrinking of commercial and financial
activity, and emphasized inward economic development. It is the reform and opening-up policy
that not only began to change China’s economic landscape, but also ushered in a comeback of
foreign banks to
从历史的角度来看, 随着邓小平的改革开放政策, 70 年代后期新进入中国的外国银行 ,可
视为他们再次进入. 在 1950 年代和 70 年代间，没有外国银行在中国, 加上我国银行业国产
化，商业和金融活动的萎缩,并强调内部的经济发展.改革开放政策,不仅开始改变中国的经
济面貌, 但也迎来了东山再起的外资银行进入中国。
Between the early 1980s and late 1990s a number of foreign banks made their presence
known in the country by establishing Chinese branches (Figure 1). The business of banking that
these foreign banks were serving, however, was subjected to tight restrictions and was very
limited in scope (for more details, see He, 2002). First of all, most of such branches were only
allowed in geographical locations such as the Special Economic Zones (SEZs). Secondly, they
could only engage in foreign currency- denominated banking businesses, i.e., not in the Renminbi.
Thirdly, they could only deal with foreign firms or expatriates in China, not with Chinese firms or
ordinary residents. And finally, it was stipulated that funding for foreign banks come entirely from
abroad, with no access to local finances. During this period there were several Sino-foreign
banking joint ventures where similar restrictions were applied. Due to the restrictive measures,
until recently, the main business of foreign banks was trade finance and money transfers. As a
result, foreign banks had little links with China’s domestic banking and financial markets,
although they may have provided necessary assistance to foreign direct investment in China.
1980 年代初至 90 年代末一批外国银行通过建立中国分行 (见图 1)存在于中国 ,. 这些外
资银行的银行业务服务, 在有限的范围，受到严格的限制, (更多详情,见他,2002 年). 首先,大
部分这类分行只允许在的地理位置 ,如特别经济区 (经济特区). 其次,他们只能从事外币银行
业务,即不使人民币贬值. 第三,他们只能处理外国公司或外国人在中国 ,没有中国企业或普通
居民. 最后, 规定外资银行的经费全部来自国外 ,并没有进入当地的财政 . 在此期间,有几个中
外合资银行合资企业也有类似的限制 ,均适用. 由于限制性措施,直到最近，外资银行的主营
业务为贸易融资和资金转移.结果, 虽然他们可能为外商在华直接投资提供必要的协助，但
外国银行几乎与中国国内银行和金融市场没有联系。

China’s WTO membership and accompanying commitments to opening up its domestic banking
market made changes to the policy environment for foreign banks. Encouraged by policy
relaxations and attracted by huge market potential, many foreign banks also began to respond
positively by shaping their new development strategy in China. Foreign bank news even made
headlines in recent China.
中国加入世贸组织和随行的承诺:对外资银行作出的政策环境变化,开放国内银行业市场,
鼓励政策放宽,吸引了巨大的市场潜力 , 许多外国银行也开始积极响应 ,制定了新的发展战略
中. 外资银行的消息,甚至最近在中国成为头条。

II. Foreign Banks in China Today: What They Are Doing?

当今外资银行在中国：他们正在做什么？
Immediately after it was announced that the country had joined the WTO in November 2001,
China’s financial authorities publicized the content and timetable for lifting restrictions on foreign
banks in China (People’s Bank of China, 2001). Basically, it was stipulated that, first of all,
geographical restrictions on foreign branches would be discarded; secondly, foreign banks would
be allowed to conduct banking businesses with Chinese firms, and later with Chinese residents;
and thirdly, foreign banks would be able to conduct businesses either in foreign currency or
Renminbi. The measures are expected to take full effect within five years from 2001. In addition,
not part of the new policy package announcement, another policy will also allow foreign banks to
participate in China’s inter banks and securities markets. More significantly, financial regulators in
China have repeatedly made it clear that, foreign banks would be gradually treated on equal
footing with domestic banks.
2001 年 11 月，紧接着又宣布,中国已加入世界贸易组织。中国金融当局公布，,取
消对外资银行在中国的内容和时间的限制 (中国人民银行 , 2001). 基本上,这是规定,首先外
国分公司地域限制将取消; 其次, 外资银行将被允许与中国企业,及后来的中国居民进行银行
业务。第三, 外资银行能够进行外币和人民币的业务 . 从 2001 年开始，该措施预计全面生效
将在五年内, 此外,不仅是新的一揽子政策公布 另一项政策也将允许外资银行参与中国的银
行间市场和证券市场. 更有意义的是,金融监管机构在中国已多次明确表示 , 外资银行将逐渐
与国内银行同等的对待
It is not difficult to see that the policy announcement has been more than an extension of the olive
branch. With the anticipation of more opening-up in China’s domestic banking and financial
markets, foreign banks have been remarkably active on the following fronts.
不难看出,政策公布至今已经远远超过了预期，比预期的更加开放,在中国国内的银行和金融
市场 外资银行一直非常活跃,在下列方面.
1. Opening more branches in more Chinese cities
In 1993, when the Chinese economy was heating up in light of Deng Xiaoping’s popular talks in
South China, rumors circulated that China could possibly open up its financial markets very soon,
and a large number of foreign banks came to set up offices in China. The enthusiasm faded away
shortly afterwards since the economy was not ready for an opening up. But in 2002, a number of
new foreign bank branches emerged, and the numbers are expected to climb for years to come.
Unlike the first half of the 1990s, new foreign bank branches have opened up beyond traditional,
coastal regions, such as Shanghai and Shenzhen, and a number of inland Chinese cities have been
chosen by foreign banks as the locations for their new branches. This reflects their intent to
conduct and expand local business on the Chinese market.
1. 在更多的中国城市开设更多分行,
1993 年 当中国的经济正在升温，根据邓小平的南方讲话 ,中国可能会开放其金融市场 ,
在不久的将来,大批外资银行在中国设立办事处。由于经济不准备开放.不久之后升温消失, 但
在 2002 年,一些新的外国银行分行出现 而数量预期会逐年上升 . 不同于 90 年代前半期,新的
外国银行分行设置已超出传统沿海地区 ，如上海和深圳 , 一批中国内陆城市已被选定的外
资银行的新分支机构位置, 这反映了他们意图集中在中国市场扩大业务。
2. Offering an increasing variety of banking services to local customers
Several large international banks have made advances in China’s retail banking sector. They
began conducting or preparing for services in a wide range of fields, such as consumer auto loans,
housing mortgages, Internet banking, as well as debit-card and credit-card operations. Retail
banking is normally a sector where domestic or local banks have a competitive edge over foreign
players, requiring a great deal of socio-cultural input. The fact that foreign banks, as newcomers
on Chinese markets, intend to enter this sector may have reflected their perception that not only is
this a niche with huge potential, but also where they can apply expertise obtained elsewhere.
2. 为当地客户提供了日益多样化的银行服务
在中国零售银行业，几个大型国际银行取得了进展,. 他们,在广泛的领域开始进行或准
备从事服务，如汽车消费贷款、房屋抵押贷款、网上银行,以及借记卡和信用卡业务. 零售银
行通常是国内或当地银行比国外银行具有竞争优势的一个行业 ,这个行业需要大量的社会文
化方面的投入. 事实上, 在中国市场，作为新人的外资银行打算进入这个行业 ,可能是因为他
们认为这不仅是一个具有巨大潜力的行业, 而且在那里可以申请到特殊政策。
3. Developing corporate banking and preparing for money centers
Shortly after China’s WTO membership was announced at the end of 2001, a large
international bank successfully persuaded a large international manufacturer in China to switch to
a foreign bank. One of the lures was that the factoring services provided by the former were not
applicable to the Chinese bank or any other contemporary Chinese institution. This case suggests
that foreign banks are promoting their competitive products in China’s corporate banking markets
and undercutting Chinese competitors, especially in certain corporate client categories. In another
development, foreign banks will be permitted to enter China’s inter bank market, although, at
present, this privilege only exists on a limited scale. With more international investment funds
entering China’s securities markets and capital flowing across Chinese borders, the role of foreign
banks on China’s currency markets is expected to grow steadily.
3. 发展企业银行业务,并准备货币的中心
截至 2001 年年底,中国加入世界贸易组织宣布, 一个国际大银行成功地说服了一家在中
国的国际大厂商转往外国银行. 其中的诱惑是,保理服务是目前并不适用于中国工商银行或
任何其他当代中国的机构 . 这种情况表明, 在中国的金融市场，外资银行正在推动其拳头产
品,打击中国的竞争者, 特别是在某些企业客户类。 在另一项发展中,外资银行将获准进入中
国银行间市场，虽然目前, 这种特权,只存在于有限的规模. 但更多的国际投资资金进入中国
证券市场和资本流动跨越中国边界,外资银行扮演的角色在中国货币市场可望稳步增长.
4. Acquiring stakes in domestic Chinese banks
Since December 2001, several Chinese banks were reported to have sold their stocks to
foreign banks. The new foreign-bank owners included large international banks based in Hong
Kong and Singapore, as well as some foreign non-bank financial institutions and investors.
Targeted Chinese banks were city-focused commercial banks (small banks! In the Chinese sense)
and share-holding commercial banks (medium-sized banks!, sometimes called !regional banks! in
China). In any case, no foreign banks have acquired controlling stakes in targeted Chinese banks,
but the new shareholders usually have a seat on the board. Geographically, this kind of stake
acquisition has occurred in several provincial capital cities. It is likely that acquiring a stake in
Chinese banks by foreign banks has been an ongoing process to be continued in the near future.
An immediate motivation for stake acquisitions may have been to obtain access to China’s vast
retail banking markets, which may also serve the involved foreign banks in accumulating
knowledge and human capital for their long-term development on China’s banking markets.
4. 获取中国国内银行的股票
自 2001 年 12 月，几位中国银行据说已出售其股票给外国银行 . 新的外国银行拥有包括
总部设在香港和新加坡的大型国际银行以及一些外国的非银行金融机构和投资者 . 针对中国
的银行为在全市的重点商业银行(小银行 在中国人的角度来看)和股份制商业银行(中型银行
, 有时被称为区域性银行，在中国). 无论如何, 在针对中国的银行,没有外国银行能获得控股
权, 但新的股东,通常能在股东大会获得席位。 在地理上,这种股权收购发生在几个省会城市.
因此外资银行获得入股中国银行在不久的将来会继续，直系动力股份收购可能已经获得进
入中国巨大的零售银行业务市场，对中国银行市场 .它还可作为涉及外资银行在知识积累和
人力资本的长远发展。
It is clear that foreign banks are expanding in China, and they are doing some serious
business on Chinas domestic markets. Perhaps there are only a couple of things they are not doing,
nor would they do in the foreseeable future: large-scale deposits from the public and credit lending
to a large pool of domestic money users. Several large international banks have already begun
accepting deposits from the public (although at present this is limited to foreign currencies), but it
seems that it is not in their intent to establish dense geographical branch coverage to attract
ordinary Chinese depositors. Perhaps also due to regulatory requirements for a large capital base,
foreign banks usually have had a higher lending-deposit ratio than Chinese banks (Figure 2).
Observers also note that credit lending by foreign banks has been highly selective and restrictive,
partly reflecting their strict standards of credit-risk control and their unfamiliarity with local
markets.
Comparing domestic Chinese banks to foreign banks is a huge endeavor. Suffice it to note
that there are obviously wide and deep differences in ownership structures, corporate governance,
management styles, marketing practices, and so forth, between the two. In terms of similarities,
both are subject to current Chinese regulations, such as separating commercial banking from
investment banking, interest rate ceilings and the Renminbi’s inconvertibility. If there is
deregulation in these areas in future, foreign banks may possibly show an additional competitive
edge over Chinese players. On the other hand, in the context of China’s domestic markets, it is
Chinese banks that may face a unique, somehow dilemmatic situation of benefiting and suffering
from their close relations with governments.
显然,外资银行正在扩大中，在中国国内市场他们正在做一些经济业务 . 也许这是唯一
他们是不会做的几件事情, 在可预见的将来，他们也不会做,: 大型公众存款和信用贷款给了
大量资金的国内用户. 几个国际大银行已经开始接受市民存款 (尽管目前这只限于外国货币 ) ,
建立密集的地域分支复盖率,以吸引中国的普通存款，但这似乎并非他们的本意 . 或许也因
监管规定了相当大的资本基础 , 外资银行通常比中国银行具有较高的贷存比率 (图二). 观察
家也指出,信用贷款的外国银行已具高度选择性和限制性 , 部分反映了他们的严格标准 ,信用
风险控制与他们不熟悉当地市场.
对比国内中资银行和外资银行需要巨大的努力. 只需指出, 在所有制结构,企业管理,管理
风格, 促销手法,等等方面,显然有广泛而深刻的分歧 ,两者之间. 相似之处来说,两者都受到中
国现行法规,如将商业银行的投资银行业务, 利率上限和人民币的不兑换性 . 如果在未来撤销
这些, 外资银行可能显示出更多的竞争力，超过中国银行 . 在另一方面,中国的国内市场这是
中国的银行可能面临的一个独特、两难、受益的处境和与政府密切合作的难处。

III. Foreign Banks in China Tomorrow:

What Impact Will They Bring About?
It is reasonable to expect that foreign banks will become an increasingly important player in
China’s domestic financial market. Further deregulation will take place in accordance with the
implementation of government policy that has been formulated with China’s accession to the
WTO. There will be a liberalization in things like interest rate control and currency convertibility
in general, and offering more freedom in conducting business for foreign banks in particular. At
present, foreign banks as a whole have had a tiny share in China’s domestic banking market, and
this share is expected to grow steadily over time when deregulation takes effect and foreign banks
are actively expanding their business in China. Understandably, there will be certain that an
increased presence of foreign banks in China will make a difference to the country’s economic and
financial development in the foreseeable future. It is almost immediately clear that foreign banks
will at least bring about the impact described below.
三. 外资银行在中国的明天:,他们将带来什么影响？
在中国国内的金融市场. 合理的预期是外资银行将成为一个日益重要的角色,。随着中国
履行加入世贸的承诺，将在按照政府推行的政策进一步放松管制，将有如利率管制与货币
可兑换一般自由化的政策，并给外资银行提供更多自由开展业务 . 目前,外资银行作为一个
整体,在中国国内银行业市场，有一个很小的份额,当外国银行正在积极扩大他们在中国的业
务时份额可望稳步增长。可以理解的是, 在可预见的将来，外国银行的增长肯定会使国家的
经济和金融业的发展变得不同。这表明,外国银行将至少带以下的影响：.
1. Foreign banks will further facilitate economic and financial links between China and the
world Foreign banks in China have already had the tradition of serving foreign investment flows
and related trade activities. For many years the work was done by foreign banks using their own
capital resources. When they become accessible to China’s huge domestic deposit markets, the
role is likely to continue to increase.
By the end of 2001, foreign direct investment-related exports accounted for more than one-
half of China’s total exports, and exports for more than 20 percent of China’s GDP. Through such
measures, China has already served as a highly internationalized economy. With enhanced help
from foreign banks these ratios will continue to rise over time.
1. 外资银行将进一步促进中国和世界的经济和金融联系。外资银行已有在中国服务于外
国投资及相关贸易活动的传统。多年来,这项工作是由外商银行利用自己的资金. 当他们进入
中国庞大的国内存款市场的作用,很可能会继续增加.
到 2001 年底,外商有关的直接投资出口占了中国总出口一半以上 , 出口超过中国的
国内生产总值 20%,. 通过这些措施,中国已经成为一个高度国际化的经济体系. 这将有利于增
强外国银行的比例将继续上升一段时间.
2. Foreign banks will bring more competition and inspire the Chinese banking system
Since China still lacks effective private commercial banks and financial institutions of
significant scale, foreign banks stand out as significant commercial players that are largely
independent from government intervention and economically successful at the same time. From a
historical point of view, exemplary roles that foreign banks once played would, perhaps once
again resurface in China. And new, indigenous Chinese banks would emerge. Existing Chinese
banks would possibly diverge into fast and slow learners with contrary results in performance.
There will be an increased number of Chinese banks conducting business in the same way as
foreign banks. In other words, for the most part, Chinese banks will react positively to increased
foreign presence, helping improve their managerial and operational efficiency.
But what if most Chinese banks will behave like foreign banks, keeping in mind that the
foreign banks known to China are mostly large, international banks. One possibility is an increase
in the number of Chinese banks that are restructuring their businesses and moving away from their
traditional clientele, possibly leaving certain potential domestic customers without services or
without adequate services. Should this occur, it should be viewed as the result of existing Chinese
banks responding to foreign presence by shifting their attention to similar customer groups. In
particular, the small business sector and people living in rural or urban-peripheral areas are likely
to become the victims of this transition. In this case, the true culprit should be the institutional
rigidity of China’s financial system since diversification in banking institutions and banking
services have not been adequately provided for or promoted by an existing regulatory framework.
The foreign function in this regard is perhaps a centrifugal one, which would not have become
centrifugal under different circumstances.
2. 外资银行将带来更多的竞争，激励了中国银行系统
自从中国国还缺乏有效的私人商业银行与相当的规模的金融机构 , 同时外资银行作为国
际选手,大多独立于政府的干预且经济上获得了巨大的成功。.从历史的角度来看, 外商银行曾
经发挥模范带头作用, ,也许再次在中国重现, 并且新的原来的中国银行将出现。目前,中国银
行可能会快速分散与相反却缓慢学习。将有越来越多的中资银行进行和外资银行一样的业务。
换句话说,在大多数情况下,中国银行将作出积极反应,增加外国分支，帮助提高管理和运作
效率.
但如果中国大多数银行会像外资银行冒险，请牢记外国银行向中大多是大型国际银行 .
一个可能性是增加了大量的中国银行重组其业务,并已逐渐远离其传统的服务对象,可能留下
一定的潜在国内客户的服务,或没有足够的服务. 如果发生这种情况, 它应被看作是由于中国
现有的银行对外国公司的存在而把注意力转向类似的客户群体，过渡期间 .尤其是小型商业
部门和生活在农村或城市周边地区都可能成为受害者。在这种情况下 , 真正的罪魁祸首应该
是中国的金融系统体制僵化 , 因为在多样化的金融机构和银行服务 没有提供完善的或促进
现有的监管框架。在国外的作用方面,这也许是一个离心式的,在不同的情况下绝不会成为离
心式的。
3. Foreign banks will help large Chinese cities, such as Shanghai, to re-emerge as
international financial centers.
Due to the tight control on the number of new banks, there are now more foreign than
domestic banks in several large Chinese cities. For instance, by the end of 2001, there were 45
foreign banks in Shanghai, but only 15 Chinese banks (of which four were large, national, State-
owned banks; 10 were regional, share-holding banks; and one was a local bank). Of course,
Chinese banks usually have a far larger number of branches than foreign banks do. This situation
highlights a pattern of congregating foreign banks in contrast to domestic banks in some large
Chinese cities.
The large, concentrated presence of foreign banks will become a catalyst for Chinese cities to
develop into international financial centers. In a sense, the goal for Chinese cities to become
international financial centers, is only two steps away. The first is the deregulation of China!s
foreign exchanges markets, i.e., the currency market is so deregulated that it is almost completely
open to foreign banks and non-bank financial institutions, as well as Chinese players. The second
step involves having large international banks and non-bank financial institutions relocate their
Asian-Pacific regional headquarters to the Chinese cities where they can conduct wholesale
financial transactions in large quantities and frequencies. Obviously, the above processes will not
happen overnight. However, constant efforts are being made by provincial and city governments
to push towards the goal of becoming an international financial center.
In summary, it is clear that foreign banks will play significant roles in accelerating the
internationalization of the Chinese economy and finance. It is known that the Chinese economy is
already tremendously internationalized in terms of its high trade to GDP ratio. In the past, foreign
banks have helped vast, foreign direct investment flow into China, and they will continue to
provide necessary services in the process. This time, however, foreign banks would be in a better
position to serve foreign direct investment and related activities by making use of China’s
domestic financial resources which were not previously available to them. Moreover, via large
international banks and their activities, financial flow into China and across its borders would
become increasingly integrated.
3. 外资银行将帮助国内大城市如上海,重新成为国际金融中心.
由于严格控制新增加的银行的数量，现在在几个大的中国城市有比国内银行更多的外
资银行. 比如,截止到 2001 年底,共有 45 家外资银行在上海 但只有 15 名中国银行(其中 4 个
大型的全国性国有银行; 有 10 个地区的股份制银行; 一家是当地银行). 当然,中国的银行通常
有远比外资银行分行数量多。这种情况突出了格局 congregating 外资银行与国内银行在一些
大的中国城市. 国有商业银行; 有 10 个地区的股份制银行; 一家是当地银行). 当然,中国的银
行通常有远分行数目比外资银行. 这种情况突出了格局，对比国内银行，外资银行在一些大
的中国城市集合。
大型外国银行集中驻扎，成为中国城市发展成为国际金融中心的催化剂 ,. 在某种意义
上说,距离中国城市成为国际金融中心目标,仅两步：一是放开中国外汇市场,即货币市场是
开放的,几乎完全开放给外国银行和非银行金融机构 , 如同中国客户一样. 第二步就是在大型
国际银行和非银行金融机构将其亚太区总部迁往中国城市 ,在那里可以进行大数量和高频率
金融交易. 显然,上述的进程不会在一夜之间发生 . 不过, 正在不断努力的省政府及市政府的
推动, 朝着成为一个国际金融中心的目标。
总之, 显然在推进中国经济和金融的国际化,外资银行将发挥重要作用,. 据悉,中国经济
以其占国内生产总值的比例的高出口 . 在过去,外国银行已帮助广大外国直接投资流入中国 ,
他们将继续提供必要的服务,然而这一次, 外国银行将能更好地服务于外商直接投资及相关
活动,利用以前都没有给他们中国国内的财务资源, 此外,通过大型国际银行,它们的活动,财务
流入中国和边界将变得越来越一体化.
A few further questions can be raised concerning the impact of foreign banks on China in the
near future. With regard to China’s existing banking system, one may ponder whether the presence
of foreign banks will help transform Chinese banks from traditional government-controlled
banking units into independent, commercially viable business entities. Likewise, one may also
wonder whether foreign banks will pose a challenge to China’s macroeconomic stability
management in the future. While these two questions are complex, the summary below can be
used as a starting point for further discussion.
有关在不久的将来外资银行对中国影响，另外一些问题可能出现。 在中国现有的银行
体系,可以思考外国银行的存在将有助于把中国银行从传统的政府控制的金融单位变成独立
的,在商业上可运作的商业实体. 同样,人们也怀疑,外资银行对中国宏观经济的稳定,今后的管
理带来了挑战，而这两个问题是复杂的,下面可以作为进一步讨论的起点.