Competition from domestic lenders has edged ahead of regulation as the biggest challenge for foreign banks operating in China, according to a PwC survey.
The issue rarely figured in the five years of the study but has shot to prominence since China's massive economic stimulus last year. The stimulus programme was fuelled a corporate lending boom by large local groups, which sidelined overseas lenders.
“The foreign banks now see their domestic counterparts as formidable competitors,” said Mervyn Jacob, PwC financial services leader for China and Hong Kong.
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