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So it will be a colossal mistake for Chinese banks to let that premium 20 percent flee to foreign banks.

A number of wealthy Chinese have done just that, opening accounts with foreign banks, which recently started to woo customers with a minimum 1 million yuan deposit. Many rich Chinese switch loyalties for quality services and the international reputation of foreign banks.

There is no doubt that Chinese banks have undergone sea changes in preparation for a wider opening of the industry, under China's WTO commitment.

Their service is now a stark contrast to what offered a decade ago, when clerks behind the counter chatted and even ate roasted melon seeds while ignoring clients. Chinese banks have also worked hard to recruit professionals and introduce new products.

Many Chinese banks have welcomed foreign investors to be their partners.

Major Chinese banks have also been listed on the Hong Kong stock exchange and some on the Shanghai Stock Exchange in an effort at restructuring and improving their international image.

The progress, however impressive, is not enough.

It is still very hard to say how many and to what degree Chinese banks have been fundamentally transformed after going public.

(China Daily 01/26/2007 page13)

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