Chinese banks emerge as respected global players

Chinese banks have emerged as equal and respectable players in the global market, Emmanuel Daniel, president of The Asian Banker magazine, said in a recent interview with Xinhua.

"The Chinese banks have an equal position in any international dialogue. The international bank community takes Chinese banks seriously not just because their size and the importance of China but because the Chinese bankers understand the same issues at the same level of any international player," Daniel said.

"The ease with which Chinese banking community has conversations with the international banking community has increased tremendously. Today, Chinese banks are not, in any form, inferior or different. The Chinese and international banking communities deal with all the global themes on equal basis," he added.

Daniel cited China's recent responses to BASEL III, a global banking regulatory standard, as evidence to the country's enhanced ability to communicate with the international banking community. China has insisted the implementation of BASEL III must go in line with the country's reality -- a very large and complex banking industry.

"China has been able to communicate its position in a way that enables the international banking community to take it seriously and understand it comes not from a desire of not wanting to play but a desire of creating a sound banking system in China," he said.

As host of the Asian Bankers Summit in the capital of Bangkok from Wednesday to Friday, Chinese banks are winning more awards of strategic importance in the annual event than other Asian banks, Daniel said.

At the summit, Chinese banks were given top awards in 13 key banking businesses such as trade finance, cash management and international transaction.

"Chinese banks are becoming Asian leaders in banking businesses that did not exist in the country just a few years ago. They are becoming the Asian versions of Deutsche Bank or Bank of America," Daniel said.

"If you look at the magnitude of the work, some banks have over 200 million customers. There is no parallel for the kind of transformation the Chinese banks underwent in almost any other institutions in the world." he added.

"The biggest breakthrough is in the minds of the Chinese banks, they are no longer thinking China, they think international." The Chinese banks have to provide the same level of service and infrastructure as an established global bank while serving the huge core domestic market, he said.

Starting from a large, complex home base, the Chinese banks are ambitious on the global basis. In the case of the big four Chinese banks, their reach is spreading very quickly, not just in Asia, but globally, Daniel said.

The continuing crisis of Europe and the uncertainty of U.S. recovery create great potential for Chinese banks, even the potential of acquiring major players in other markets, developed or developing, he said.

Almost all major Chinese banks have the potential to leapfrog in the global marketing place. The question is to what extent they are able to provide innovative service, he added.