Passage 5
A report by Boston Consulting Group (B CC) says China represents the second largest market in Asia excluding Japan, with about US T. 44 trillion in assets being managed for wealthy individuals defined as those whose annual income is above US , 000.
BCG's survey of retail banks reveals that the average private banking customer can be 10 times more profitable than an average mass market retail customer, a statistic that explains why banks are paying increasing attention to the wealthy.
【(56)Facing the emerging wealth management market, Chinese banks have made impressive headway in the creation of new wealth management products and services.】 There are now more than 20 kinds of wealth management products on offer at the state-owned big four banks and national joint-stock banks. The China Everbright Bank's November 2005 financial report shows a 20 billion yuan (US . 5 billion)wealth management revenue, up 50 per cent over last year.
Chinese banks, especially the State-owned big four, have inherent advantages in wealth management. 【(57) They have a large customer base and an extensive service network that offers customers accessibility and convenience.】 Managers at the big banks also tend to have a good relationship with local customers.
However, analysts believe that, although the level of personal assets held in financial institutions in China is significant, wealth management products and services offered by Chinese banks are still relatively unsophisticated.
Deng Junhao, vice president and director of BCG points out that China's typical wealth management offering as more "hardware" than "software
【(58) issues that continue to stvmie domestic banks' progress include a lack of properly-trained managers, limited differentiation of customers, limited products and similar brands.】
Despite having 20 kinds of products to choose between, there is actually little separating them. Brands do not have a sufficiently unique or differentiated product to target specific types of customers.
Competitive threat
There is only one year left until the Chinese banking market is fully liberalized and foreign institutions are able to serve individual customers in renminbi- business
【(59)Foreign banks have already experimented and learned about the market despite regulatory limitations over the type of businesses they can operate.】 Standard Chartered Bank has offered an "SC Priority Banking" card for customers with quarterly average account balances of US , 000 or the equivalent, while Citibank has launched its "Citigold product for customers with monthly average account balances of US , 000 or the equivalent. Both banks have set up dedicated wealth management centres in key cities such as Beijing, Shanghai and Shenzhen.
Foreign banks have many competitive advantages over local banks including brand names with internationally recognized prestige and trust, experience and expertise in broader range of investment products and advisory models, established operational models, particularly processes, systems and policies, and capabiliti to attract, train and retain the best talent.
【(60) Foreign banks will create tough competition in the wealth management market, as they enter the retail market and attempt to pick the most attractive customers.】 Unless Chinese banks can respond, there is a real and significant threat that many wealthy customers will be lured away by the highly-evolved products and services foreign banks can offer.
Translate:(58) issues that continue to stvmie domestic banks' progress include a lack of properly-trained managers, limited differentiation of customers, limited products and similar brands.
【正确答案】：妨碍国内银行发展的主要因素包括缺乏训练有素的经理,客户区分度不高,理财产品雷同且匮乏。
