Recently, it is stated explicitly in the Measures on Promoting Growth of Foreign Investment issued by the State Council to further expand the range admitted for foreign investment, continuously promote external opening of banking, securities and insurance industries, and make clear schedule and route map.

"Import of foreign capitals to Chinese banks by means of strategic investment in capital helps to achieve financial recombination, enrich domestic capital and fulfill reconstruction and improvement, bringing mutual benefits to both parties," said Lu Zhengwei, a chief economist of Industrial Bank in an interview with report of Securities Daily. Banking business operated in China with foreign capital has brought new concepts and operational models to banking industry in China, such as focus of foreign-invested banks on credit card business and small-/micro-sized enterprises, and how to control risk in entry of investing banks to the market. In general, import of foreign capitals has made a "Catfish Effect" in banking industry in China and resulted in a huge transformation.

It is stated in Measures on Expanding Opening-Up and Actively Using Foreign Capitals issued by the State Council that, restriction on admission of foreign capital to banking-related financial institutions shall be highlighted. Later Notice on Matters of Foreign-Invested Banks Carrying on Some Businesses was issued by CBRC, specifying that foreign-funded corporate banks operated in China are permitted to invest in banking financial institutions in China on condition that related risks are controllable.

Zhou Jintong, Senior Fellow with Strategic Development Department of Head Office of Bank of China, expressed in an interview with reporter of Securities Daily on August 17 that, banks in China have been opened to the outside world in either of two models: by untying admission to market, or by introducing strategic investors - introducing foreign-funded banks and securities companies to financial market in China by transforming from previous business collaboration to cooperation by equity participation.

"While foreign-funded banks is being introduced, export of China-funded banks is being accelerated," expressed Zhou Jintong. Chinese banking industry has been expanded rapidly overseas.  In terms of internationalization of China-funded banks, BOC ranks the first. ICBC, CCB and BOCOM are also accelerating their overseas business expansion.

It is notable that, it is pointed in the Guidelines for the "Thirteenth Five Year Plan" that, future opening-up in financial sectors requires improved internationalization of financial institutions, strengthened layout of overseas bank outlets, and sounder global service network and thereby wider opening of domestic financial market to foreign financial institutions.

As predicted by Mr. Zhou, opening-up of banking industry in future will adhere to the principle of fair competition and treatment, continuously improve transparency of market admission for banking industry, further expand opening-up of banking industry, adhere to export of domestic banking industry and import of financial investment by qualified foreign-funded financial institutions.