罗兰贝格-外资金融机构在中国的商业机会

StephenM.HarnerBusinessOpportunitiesforForeignFinancialCompaniesinChina'sChangingMarketplaceFactsandFiguresforPotentialInvestorsStudyStudy_Banken_Inhalt10.08.200115:06UhrSeite12|StudyContentsIntroductionChina'sFinancialMarketandtheRoleofForeignInstitutionsfromaChinesePerspectiveTakingaConstructiveApproachtotheChineseMarketBankingOverviewoftheBankingSystemCurrentMarketSharebyBankingInstitutionRestructuringtheLargeState-OwnedCommercialBanksNurturingtheNewCommercialBankSectorRegulatoryEnvironmentandTrendsUndevelopedCapitalMarketsasImpedimenttoBankingBusinessGrowthRestrictionsonForeignBankinginChinaRecentTrends:DecliningOverallVolumesofForeignBankLoansOverviewoftheShanghaiBankingMarketStrategiesofForeignBankingMarketLeadersProductandMarketStrategiesoftheLeadingForeignBanksProspectsforMarketDevelopmentthrough2005PotentialStrategiesforMarketDevelopmentforForeignCompaniesOpportunitiesinOffshoreandInvestmentBankingSecuritiesOverviewofDomesticSecuritiesMarketsChineseMarketCharacteristics:A,B,H,andRedChipSharesTheRoleofHongKongandChina'sGrowingInternationalFinancialPresenceHongKongAlsoaCenterforStructuredFinanceChina'sSecuritiesLawsandInstitutionsTheDomesticSecuritiesIndustryProfitabilityofChineseSecuritiesFirmsin2000RankingofChineseSecuritiesCompaniesChineseSecuritiesMarketDevelopmentStrategyandPrioritiesandtheCSRC'sPlansandPrioritiesTheWTOandOpportunitiesforForeignFirmsPotentialStrategiesforMarketDevelopmentforForeignCompaniesAssetManagementCurrentAssetManagementMarketandInstitutionsChina'sFundManagementCompaniesRegulatoryFrameworkforFundsDifferentiationamongFundsTie-UpswithForeignFirmsforOpen-EndedFundsTrustandInvestmentCompaniesExpectedDevelopmentoftheAssetManagementMarketPotentialStrategiesforMarketDevelopmentforForeignCompanies77788891111121414151617171819202022232324242426262829303030313232323334Study_Banken_Inhalt10.08.200115:06UhrSeite23|BusinessOpportunitiesforForeignFinancialCompaniesinChina'sChangingMarketplaceConsumerFinanceRapidlyGrowingConsumerLendingMarketTypesofConsumerFinanceConsumerCreditInstitutionsOpportunitiesforForeignFinancialCompaniesCreditCardsScaleofDomesticDebitandCreditCardsandNetworksInternationalCreditCardsObstaclestoDevelopingCardCreditFacilitiesOpportunitiesforForeignFinancialFirmsLeasingFinanceLeasingCompaniesOpportunitiesforForeignFinancialFirmsGroupFinanceCompaniesKeyNewFinancingVehicleforMajorGroupsToBecomeKeyToolinPromotingProductSalesOpportunitiesforForeignFinancialServicesFirms3636363637383838383940404041414141Study_Banken_Inhalt10.08.200115:06UhrSeite34|StudyExecutiveSummaryBankingWhenitcomestoitsfinancialsectorandservices,Chinaexplicitlyrejectstheconceptofaninternationaldivisionoflaborbasedoncomparativeadvantage.Rather,thegoalistodevelopastrongandstablefinancialsystembasedonstrongandstableindigenousfinancialinstitutionsthataresubjecttothecontroloftheChinesegovernment.ForeigncompaniesarebeingallowedtoparticipateanddevelopintheChinesemarket-placetotheextentthatandatthepaceatwhichChineseauthoritiesdeterminethattheoperationswillbebeneficialandwillcontributetothedevelopmentofChina'sfinancialsector.Foranyforeigncompany,theonlyapproachthatislikelytobesuccessfulwillbeonethatiscomplementarytoandsupportiveofChina'sdevelop-mentstrategy.China'sprioritiesinthecommercialbankingsectoraretostrengthenandcommercia-lizethefourbigstate-ownedbanksandtoincreasethenumberandroleofsharehol-dercommercialbanks.Foreignbanksplayawide-rangingroleincreatingamorecompetitiveandmodernChinesebankingsector.PursuanttoWTOaccession,thisrolewillbeexpandedtoincludeChinesecorporatebankingand,finally,consumerbankingin2003-2005.Localcurrencyoperationswillbecomeincreasinglyimportantformajorforeignpartici-pants.AdditionalopportunitiesariseforforeignbanksfromthedevelopmentofChina'smoneyandcapitalmarkets,includingforeignexchangeandcommercialbilltradingactivities.Increasingly,inalargerandmorecomplexmarketplace,itwillbepossibletoadoptnichestrategies.Itisexpectedthat,overthenextthreetofiveyears,largeChinesefinancialholdingcompanieswillemergetocreateleadingfinancialgroupsencompassingbanking,securities,insurance,assetmanagement,andconsumerfinancebusinesses.Foreignfirmswillhaveanopportunitytoaffiliatewiththesegroupsasalliancepartnersandinjointventures.Someforeignfirmswillformtheirowngroups.SecuritiesAlthoughonlytenyearsold,China'ssecuritiesmarketisrapidlybecomingthethirdorsecondlargestandmostimportantinAsia.Withinthenextfifteenyears,China'ssecuritiesmarketwillbecomethesecondlargestintheworldbehindtheU.S.In2000,domesticstocktradingvolumereachedUS$736billion.Some1,086dome-sticcompanieswerelistedonChina'stwosecuritiesexchangesandthenumberofinvestors–primarilyindividuals–reached58million.Study_Banken_Inhalt10.08.200115:06UhrSeite45|BusinessOpportunitiesforForeignFinancialCompaniesinChina'sChangingMarketplaceChina'sdomesticsecuritiesmarkets,whilegrowingrapidly,haveremainedlargelyclosedtooutsideintermediaries.HongKonghasperformedthecriticalroleofinter-nationalfinancialcenterforChina.WeexpectthatHongKo