China’s largest banks continue to be entirely or mostly state-owned enterprises. Foreign banks do only a tiny fraction of China’s banking business.
Starting in 2001 and to satisfy the commitments it made in joining the WTO, China allowed a small amount of strategic, minority foreign ownership of Chinese banks. To the best of my ability to determine that ownership is at about 3%, far below the WTO target of 8%.
If anyone has information that contradicts that, I’d greatly appreciate the correction.
