Facing the WTO Accession: Strengthen China's Banking Industry ----From the Evidence of Chinese Banking Problems

Introduction China's ambitious efforts to reform and restructure the banking system began in earnest in 1998 and are accelerating rapidly as the accession to the World Trade Organization (WTO) become true. This pace reflects the industry transformation that WTO membership promises as restrictions are removed and China's banks are subjected to greater competition from foreign institutions with developed skills and capabilities, advanced information technology, efficient processing and superior management expertise with market economies. According to an …

…financial sector is to overcome deeply entrenched structural impediments to competing in a market economy. Institutional strengthening will lead to transforming bank management along commercial principles and towards best practice that includes a continuous improvement programme that focuses on customer-centricity, efficient processes and organizational agility. The latest IT in the areas of profitability and performance measurement, straight-- through processing and customer relationship management must be implemented over the next few years to achieve these objectives.