The day started with a visit to Royal Bank of Canada’s Beijing Office. Mr Mike Chen, President of RBC China, Mr Oliver Lu, director of RBC China Insurance, and Ms May Ren, director of RBC Wealth Management, each provided briefings to our group on RBC activities in China. The banking industry in China is currently dominated by local players, with only 2% of banking being conducted by foreign companies in China. RBC China conducts lending to other banks, but does not presently lend directly to corporations. Canadian banks are known in China for their stability, especially through the recent recession, but are also known for their more conservative lending practices. There is opportunity for Canadian banks in China in that Canadian banks are capable of offering more innovative products than are currently available in the Chinese market.
