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They include Hongkong and Shanghai Banking Corp, Citigroup Inc, Standard Chartered Bank and Bank of East Asia. The China Banking Regulatory Commission approved the first wave of overseas banks to open up the market as part of the country's commitment to join the World Trade Organization.

Some local people can't wait to try services from overseas banks after having to line in queues for hours at domestic bank counters.

"I am quite interested to open an account at overseas banks to get better service," said Xiao Zhu, a white-collar worker in her 30s.

Before local incorporation, overseas banks could only take term deposits of more than one million yuan (US$129,366), which restricted their clients.

Tax rates

The banking approvals followed China's newly announced corporate income tax rate of 25 percent for foreign and domestic companies from January 2008, a move which aims to level the playground for players from home and abroad.

Foreign companies now pay an average 15 percent tax while Chinese companies pay 33 percent, or an average levy of 25 percent after different deductions, Jin Renqing, the top head of the Ministry of Finance, said.

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