Foreign banks are stepping up their pace to increase presence in Shanghai as China is going to completely open its banking industry at the end of the year, according to Shanghai Banking Regulatory Bureau.

Since China entered into the post-transition period of the WTO accession, foreign banks opened more businesses and posted good profits in the city last year.

By the end of last December, the total assets of foreign banks in Shanghai reached 48.433 billion US dollars, up 25.87% over the same period of the year before, foreign banks recorded 260 million US dollars of after-tax profits, an increase of 56.37% over the same period of 2004 and a debt balance of 161 million US dollars, the same level against the previous year.

In order to expand their business in China, some foreign banks will gradually set up their China's headquarters in Shanghai and open more branches in the city.

By the end of 2005, foreign banks operating in Shanghai reached 84 and the number of foreign banks and non-financial institutions (excluding foreign insurance and securities companies) totaled 100.

By People's Daily Online