Applications for this program are due by February 16, 1998. Contributed by first-year MBA student Daniel Gu. Banking Banks play a dominant role in China's financial system. Compared with other financial industry sectors, banking is more open to international competitors. By early 1997, there were over 530 representative offices of foreign financial institutions in China.
Overseas banks receive preferential tax treatment from the Chinese government.
China is beginning to open its local currency financial market to international banks, with very strict regulation at the initial stage. At this point, only eight foreign banks have their local currency business license. Compared with corporate banking, consumer banking is growing very slowly in China. However, there are now over 15 million credit card holders in China and this figure is projected to rise above 45 million by 2002. A Chinese stock exchange was established in late 1991 in both Shanghai and Shenzhen .