We choie PEST to analyse the Climates
Policy : foreigner bank are under the Chinese Foreign Banking Supervisory Rules , but they are treated almost the same with the local banks by the government .
Economic: china have a continuing growth on GDP even during the financial crisis.
Social : with the Confucianism in the Chinese culture. People prefer the banks they familiar with.
And they want personalized services for their ego need, which we called ‘face’
More and more people are interest in their own financial management.
Technical : china has the largest number of Internet users in the world. Which increased the importance of online banking services.
Also new financial analysis techologes are creating challenges and optunitis in the same time.
In conclusion:
After China joint WTO, they made promise to open up their financial market to foreigner investors in 5 years. Because of this, HSBC was able to started operation on 2 April 2007 as HSBC Bank(China) Company Limited. It will be challenge to let customers choose HSBC over the local major banks, but it is a great market with huge opportunities.
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