June 24, 2008 -- Foreign banks in China say that they anticipate strong growth over the few years, reported PricewaterhouseCoopers
on Monday. Nine out of 42 foreigns banks expects revenue to double in 2008, the consulting firm reported, citing its annual survey of foreign banks in China. As a result of the strong growth in the market, the number of foreign banks in China may reach 100 by 2011, the survey showed.

"The regulatory hurdle remains the most challenging and comprehensive barrier to success. However the scope and complexity of a plethora of new requirements may make this more an obstacle course than a hurdle," said Dominic Nixon, Asia financial services leader, in a statement.

"Over 80% of the respondents were confident that their market share would grow," he said. "The two most important reasons for this given by respondents were the banks' product offerings and capabilities, and their global client relationships."

Another challenge is personnel. The three most difficult hiring positions are senior executives, compliance officers and wealth management officers, PricewaterhouseCoopers reported, with annual salary increases of up to 30 percent.