banking sector at the end of this year, foreign banks are now quickening the pace of penetration in Shanghai. China has already moved into a later transitional period after its WTO accession, since the beginning of last year, foreign banks have intensified their new product and service marketing efforts in Shanghai. As a result, they expanded quickly, their profits grew substantially and their assets value rose continuously. By the end of 2005, the total number of operations of foreign banks stood at 84 in Shanghai. 16 new operations were added in 2005. The total number of rep offices of foreign banks and non-banking financial institutions (excluding securities and insurance firms) was 100.