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People's Daily Online>>Opinion

Why is China's financial sector going global?

By Xie Weiqun (People's Daily)

08:14, December 02, 2011

Edited and translated by People's Daily Online

According to data from the China Banking Regulatory Commission, by the end of 2010, the five major Chinese banks — the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications — had established 89 first-class overseas operating agencies in Asia, Europe, North and South America, Africa and Oceania and purchased or shared in 10 overseas enterprises, and the six Chinese commercial banks had also established five overseas branches and five overseas loan offices.

Why are the state-owned banks accelerating their strategy to expand worldwide?

Internationalization, integration strategies

In the opinion of state-owned bank operators, the economic recovery and the acceleration of the globalizing process among Chinese enterprises guarantees their international development. With the solidifying of China's status as the second largest economy of the world, more Chinese enterprises will ratchet up efforts to go global, and that will further expand the markets of the commercial banks' international settlement and cross-border wealth management businesses.

Meanwhile, the accelerating RMB internationalization process brings opportunities for the banks' international development. In the 12th Five-Year Plan, transnational commercial operations, cross-border trades and capital flows will further strengthen the RMB internationalization trend.

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