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Foreign Banks Struggle to Grow in China Despite Decades of Presence

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New Delhi, May 12 (IANS) Although foreign banks have been in China for decades, they have failed to grow and currently account for a mere 5 per cent of the country’s total banking assets, according to a media article.When China’s accession to the World Trade Organisation in December 2001 was finalised, the promise extended to foreign financial institutions was one of gradual, meaningful integration. However, this has not taken place, the article by Dr Shalini Kumar in the UK’s Asian Lite new…