At the end of 2005, 25 foreign banks made equity investment in 20 domestic banks, and some foreign banks or investors invested in several banks. The number of cities that have been opened for RMB business has increased from 18 to 25. China has fully fulfilled its WTO commitment with respect to market access and business scope in securities and insurance sectors.
With a test and learn approach, the BSP gains a better understanding of the risks of new technology or business model On the side of financial service providers, the test and learn approach gives an opportunity to test the business case of proposed innovations prior to actual launch. This approach was used in 2009 when the BSP issued the electronic money regulation.