China is marching robustly to achieve its outsourcing goal. In the last few months by showing extreme support Chinese government has removed many restrictions (means bundle of red tapes are only history) that could have become a blockade to smooth outsourcing operation in the country. Now in a surprising move China has allowed foreign banks to operate in local currency. Many see this is as an extremely friendly gesture from the government to spruce up outsourcing scenario in the country. Certainly, the deregulation of the banking sector will unveil newer opportunities.
However, it seems like some restrictions on foreign banks are still there and it may take a few more years before they start experience substantial growth.
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