The Chinese government strictly regulates banking in China. Though China remains officially a socialist state, the country's status in the World Trade Organization allows increased competition and better services to foreign business interest globally than in the past. There are financial service products for business professionals such as commercial and corporate banking, merchant transaction services, personal accounts and foreign-based investment services. Banks in China have traditionally catered to the corporate market.

Commercial banking in China offers convenient access to account information with the ability to bank by phone, mobile devices and online. The central government in China owns a growing number of banks. They're offering the convenience of cyberbanking to the country's international business customers. This opens opportunities for foreign-based corporate banking in China to meet international banking standards. Therefore, foreign business professional looking to bank in China must have a fundamental understanding of the rules that regulate banks.

Consider the following as you look for business banking options in China:

1. Understand the laws governing corporate banking in China and their effect upon your business interest.

2. Assess business and personal financial services offered through banks owned by the government of China.

3. Look for foreign capital investments through international banks that operate in China.

Action Steps
The best contacts and resources to help you get it done

Acquire business financial assistance about China commercial banking regulations

The People's Bank of China governs all banks, investment opportunities and foreign owned businesses, with supervision by the China Banking Regulatory Commission (CBRC). Foreign policies and regulations may determine where and how you choose to bank. Many banks are also providing assistance for foreigners to conduct financial transactions in the global market.

I recommend: Maybank offers various options tools and services for international cyberbanking. The China Business Show podcasts can provide assistance with understanding foreign investment laws. Alternatively, HSBC Bank features a podcast for Chinese banking and investment information for businesses.

Review cyberbanking business services through national banks

Many banks are increasingly offering online banking services for all transactions. Government regulated banks dominate China's banking system, with thousands of branches and ATMs in China. Banks can exchange foreign currency and accept deposits in other currencies for non-residents via laptop or a mobile device.

I recommend: The Bank of China has locations throughout mainland China and Hong Kong for easy assistance opening a bank account. Industrial and Commercial Bank of China offers foreign exchange deposit accounts and an online foreign currency savings calculator.

Consider foreign-based banks for international business banking in China

Major cities like Shanghai and Hong Kong make it easy to find foreign-based banks. In China foreign-based banks can provide international banking solutions with world leaders in the industry.

I recommend: Citibank Hong Kong features online applications and its overseas account allows you to bank in Hong Kong without being there. Scotiabank offers a large Canadian presence with locations in all major areas of the country.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Opening a bank account only requires a passport in China. Banking institutions may differ, and therefore you must check with the bank you choose for confirmation of its policy.