After Deng Xiaoping’s Southern Inspection Tour Talks in 1992, more openings were extended to foreign banks by removing geographical restrictions for setting up institutions and by allowing foreign banks to conduct pilot operations of RMB business in Shanghai.
Since the accession to the WTO, China has been constantly expanding the opening of the financial sector in aspects of the establishment of financial institutions, the business scope and foreign ownership. As a result, a number of foreign financial institutions set up operations in China, which formed a financial service network with certain coverage and market depth.