| In the wake of the uninterrupted and thorough development of financial globalization with the core of financial freedom and internationalization, international trade in financial services takes place great changes. In order to adapt and lead the changes, WTO establishes some multilateral rules to regulate the realm of trade in services through a series of negotiations. The content of WTO constitutes a large legal system relating to many different aspects. The framework of GATS provides a carrier for promising freedom of trade in financial services in the form of legal restraint. After joining the WTO, China has opened the trade in financial services according to China's schedules of specific commitments on services. Banking services is the core of financial services and the opening of banking services is the important component of the whole opening of the financial services. The opening of banking services means that a number of foreign banks will enter into Chinese market and bring keen competition. In view of the competitive superiority of the foreign banks and the disparity between Chinese banks and International large banks, Chinese banking services will encounter greater challenges and difficulties than ever. Therefore, how to enhance competitive ability of Chinese banks quickly by formulating legal countermeasures is of momentous significance for the development of Chinese banking services.
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