A Study On The Product Innovation Of Our Country's Commercial Banks Under WTO Framework

Banking enterprise in our country has been open to the outside world since its entry into WTO. Banks of foreign capital will enter Chinese markets and compete with financial institutions in our country armed with their advanced financial instruments, products, marketing ideas and means of service. It has become a major concern of our country's commercial banks, in their pursuit of a lasting development, how to strengthen pioneering ability in financial products, promote competitive elements and adapt to the open financial markets that is new and challenging. Blazing new trails in financial products is the most powerful weapons in competition, therefore, commercial banks in our country will have to make great efforts in promoting innovation to survive and develop. This study analyzed the present state of financial products of commercial banks in our country in the macroscopic situation of global open finance, guided by the theory of core competitive elements. Problems in products of commercial banks in our country and possible reasons leading to the problems were scrutinized in the light of management, technology and circulation mechanism. Based on the above analysis, suggestions were given on how to strengthen pioneering ability in products of commercial banks.