Research On The Internationalization Of Chinese Banking In The Frame Of WTO

On December11,2001, China joined the WTO formally and became the143rd member. In the following years after joining the WTO, not only has Chinese economy made a great progress, but also strengthen the connection with global economy. At the same time, the internationalization of Chinese economy has developed rapidly. In2013, the growth in total of Chinese economy was8.3trillion dollars, ranking the second all over the world. At present, China is the second largest economy, the largest exporting country and the second largest importing country. Chinese total trade made a breakthrough over4trillion dollars firstly in2013, which had triggered strong attention.However, joining the WTO brings not only opportunity but also challenge. According to the WTO accession commitments, Chinese banking should open completely to foreign banks in2006, then Chinese banks faced huge challenges. Moreover, with the economic globalization, China has been heavily influenced by the financial crisis in2008.Therefore, with the coexistence of opportunity and challenge, Chinese banking need to make an internationalization strategy.Achievements on internationalization of Chinese banking have been put forward by many domestic scholars, most of whom are economists, but studies from the point of law are relatively few. Therefore, this paper put forward the internationalization strategy of Chinese banking, with study of WTO rules, the situation of Chinese banking especially Chinese banking law and advanced experience from other countries.This paper includes four parts. In the first part, Chinese banking law is elaborated, which contains classification of legal forms, characteristics and shortcomings. In the second part, WTO rules of financial service are introduced, including introduction of WTO, analysis of WTO rules in financial area with its legal theory, commitments of Chinese banking in the frame of WTO. The third part discusses the influence to the internationalization of Chinese banking after joining WTO, containing the situation of Chinese banking, opportunities and challenges which WTO has brought. The last part which also is the most important part of this paper put forward the internationalization strategy of Chinese banking, from the following four points:perfecting law of Chinese banking, enhancing competitiveness, improving financial regulation, marking use of WTO rules and dispute settlement mechanism.