10  The four largest state-owned banks, with 70 percent of China’s bank deposits, are scheduled to be privatized in the following order: the Construction Bank, the Bank of China, the Industrial and Commercial Bank, and the Agricultural Bank. 11  The new law becomes effective on June 1, 2007, but reportedly will not apply to state-owned enterprises until 2008.
BIS Review 41/2007  5  Other gains from trade liberalization Although we have been focusing on how globalization promotes financial development, we shouldn’t forget that trade globalization, which involves both trade liberalization and an export orientation, is a key driver of economic growth for reasons additional to those already mentioned.