Study On China's Legal System Of Market Access For Foreign Banks

With the development of the financial liberalization and economic globalization,trend ofliberation of capital continues to strengthen. The development of international banks andmultinational banks is one of its performance. From 1980's, developed countries haveexploring oversea markets. Combined with the impact of financial liberalization, the profit—driven of foreign financial capital reach to an extreme. Under the relaxed restrictions onfinancial liberalization, the rules of competition have undoubtedly contributed to thedevelopment of the financial industry, but also made the international financial communityfull of crisis. How to strengthen financial regulation, maintain the security of the financialsystem is a prominent issue facing to all countries. While the bank supervision as the core ofthe financial industry has become the heavy user. On December11, 2001 China formallyjoined the WTO, and made available specific commitments on opening up financial market.Especially with the end of the five—year transitional period, China's banking market has fullyopened to foreign banks. Chinese banks and foreign banks have been brought to a newcompeting ear. Based on the analysis of basic system of market access for foreign banks andcomparison with WTO and Basel Accord, this article reveals some of the problems to besolved and put forward some sound proposal.