| Financial service trade, as a major topic in service trade negotiations, has attracted increasingly close attention from all countries in the world. Financial service has a bearing on a country's fundamental political and economic targets such as economic development and social stability. How to deal with the situations has been the focus of attention of all WTO member nations.Since China began its reform and opening drive, the financial industry has made certain progress in both development and adaptation to international practice, but it is still facing great challenges in joining WTO and integrating into economic globalization. As to how fast China's financial service industry should open to the outside world, it depends on many factors, such as the level of economic development, financial system reform, government regulation over the financial industry, the management level and competitive power of financial institutions, as well as their relations with China, etc. Therefore, China should but proceed in an orderly way and step by step in opening its financial service industry. On one hand, we should choose and introduce into the Chinese market foreign financial institutions that have a long history and creditworthiness and are really necessary to China, while making sure that no foreign financial institutions with potential risks be allowed to enter; on the other, we should have an objective view of China's reality and be fully aware of the management level and competitive power of Chinese financial institutions. In expanding the scope of business and customers of foreign financial institutions, we should carry out experiment in order and step by step, actively push forward financial system reform, and improve the transparency, efficiency and competitiveness.This paper places emphasis on analyzing China's banking and discusses the challenges the financial sector will face after the country joins WTO as well as related suggestions and strategies.
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