Chinese finance system and the WTO

Seminar paper from the year 2004 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,0 (A), Dongbei University of Finance and Economics (School of International Business (SIB)), course: China's Finance System, language: English, abstract: At a time in which geographical frontiers blur, the globalization unstoppably strides away and the world economy becomes more and more important, it is more significant, to have uniform guidelines to exclude discrimination and guarantee peaceful cooperation with each other. For a country is it very important to be in accordance with the international claims, in order to be competitive. Since the last decade, China has been opened politically and economically. Thus they attempted to clear the existing delay as fast as possible, to develop a connection to economic leaders such as the US or Europe and then itself to play a significant role in the international economy. A step toward this goal was the entry into the World Trade Organization (WTO). The following paper will tackle this topic, including analyzing the impact of the WTO on the Chinese finance system. But first, I will go over some details about the WTO, its agreements and principles. After this, I will discuss the course of Chinese entry and the ensuing problems. In the second part of the paper, the Chinese finance system will be explained, and more precisely, the Chinese banking system. At this I will illustrate the history of the banking system, the role of foreign banks in China before entry into the WTO and then present the problems of the system. In the third part it will analyze the variances and ascendancies, also the pros and cons of inclusion in the WTO.