Greater Expectations

摘要

China's recent decision to open more of its market to foreign banks and investment firms was met with cautious optimism on Wall Street. Banks that had tried to break in for decades griped at the country's initial model, which required a joint venture with a local firm and a limited ownership stake in that venture to boot. But now that China is offering wholly foreign-owned enterprise (WFOE) designation to overseas players, banks and asset managers are setting up shop.