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With the full opening of the banking sector to foreign banks on December 11, 2006, there are ample export opportunities for the development of foreign commercial banks in Chinese market, though major Chinese commercial banks will continue to dominate the retail banking market. Domestic commercial banks have undergone effective reforms in restructuring. A dynamic process of interaction and integration is already underway between domestic and foreign banks as noted by the strategic investments made by foreign banks. In short, cooperation and competition will co-exist between Chinese banks and foreign banks.
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