Foreign banks speed up business expansion in Central China
Tuesday, 23 October 2007
WUHAN, Oct 22 (Xinhua): After the Bank of East Asia (China) Co. Ltd opened a brand in Wuhan, capital of Central China's Hubei Province in September, HSBC opened its 14 in China but the first branch in Wuhan on October 18, which has started to offer RMB business service to local residents.
Steady policy and high economic growth will keep international capital, investment and companies streaming into central China area, and central China will become the target of expansion of all foreign banks in China, said HSBC China President Wen Fuze. Wuhan, capital of Hubei Province plays a pivotal role in the country's economic development strategy of "Rising of the Central Part".
Central China has offered good development opportunities for foreign banks, Bank of East Asia Chairman of Board of Director said. Central China is the bridge between the west and the east and has obvious regional advantages. Meanwhile, there are complete infrastructure facilities and the strong support of local governments here.
Central China covers six provinces of Shanxi, Henan, Anhui, Jiangxi, Hunan and Hubei and strides across the Yellow River and the Yangtze River valleys, with area reaching 1.02 million sq km, 10.7 percent of the national total; and population being 361 million, 28.1 percent of the national total. The gross domestic product (GDP) of Central China was 3.7046 trillion yuan in 2005, making up 18.8 percent of the national total in the year.
China fully opened its banking sector on December 11, 2006, five years after it became a member of the World Trade Organisation.
Steady policy and high economic growth will keep international capital, investment and companies streaming into central China area, and central China will become the target of expansion of all foreign banks in China, said HSBC China President Wen Fuze. Wuhan, capital of Hubei Province plays a pivotal role in the country's economic development strategy of "Rising of the Central Part".
Central China has offered good development opportunities for foreign banks, Bank of East Asia Chairman of Board of Director said. Central China is the bridge between the west and the east and has obvious regional advantages. Meanwhile, there are complete infrastructure facilities and the strong support of local governments here.
Central China covers six provinces of Shanxi, Henan, Anhui, Jiangxi, Hunan and Hubei and strides across the Yellow River and the Yangtze River valleys, with area reaching 1.02 million sq km, 10.7 percent of the national total; and population being 361 million, 28.1 percent of the national total. The gross domestic product (GDP) of Central China was 3.7046 trillion yuan in 2005, making up 18.8 percent of the national total in the year.
China fully opened its banking sector on December 11, 2006, five years after it became a member of the World Trade Organisation.