"I think the luxury market has reached its peak in China, but because of its immense size it will be maintained for a while."

Stephanie Robertson, chief executive officer for Greater China of Victorinox Hong Kong Ltd. Swiss brand Victorinox opened its first brick-and-mortar store in China last month, signaling a shift in focus away from sales of its signature product, Swiss army knives, to its full range of goods from luggage and timepieces to cutlery and premium outdoor clothing.

"Foreign banks' superior management and experience in other markets will help them cope with the changes better than their Chinese peers."

Geoffrey Choi, a partner with Ernst & Young in charge of assurance business in China. Foreign banks in China are optimistic about the country's financial reforms, and they are looking forward to expanding their market share this year, according to an Ernst & Young survey. The survey, which polled 38 locally incorporated foreign banks, found they are confident their management skills will give them an edge after reforms create a more level playing field among domestic and foreign institutions.

"They (foreign banks) are, let's say, quite strong in financial instruments innovation in overseas market. But it is a totally different story in China."

Jimmy Leung, head of banking and capital markets at PricewaterhouseCoopers China. The term private banking was brought to China by foreign banks in about 2006, he said. Seven years later, the market has grown significantly, but foreign institutions still struggle to find the best way to generate profits in the country.

(China Daily Africa Weekly 01/10/2014 page18)