The continuous deepening of China’s reform and opening-up requires further development of the financial market, and requires us to update the concept according to specific situations and encourage innovation with the future in mind. First, the transitional period for the banking industry after China’s entry into the WTO ends in December of 2006.
With the realization of national treatment for foreign institutions and the gradual deregulation on market accession, China’s financial industry will encounter increasing international competition. China’s commitment to the WTO and its internal demands for economic growth necessitate accelerated development of its financial market.