Last minute problems over access for life insurance companies were expected to be resolved today, allowing WTO members to approve the complex legal protocols setting out China's rights and obligations as a member of the trade body, bringing to a close China's 15-year campaign to join the organisation.

In Hong Kong, chief economist for Standard Chartered Bank K C Kwok told the Chamber of Commerce meeting that foreign banks would aim to dramatically transform their business mix on the mainland - now dominated by corporate banking - by branching into consumer financial services. Entry to the WTO would advance this objective, but banks would need to exercise great patience as implementation details were released by the People's Bank of China and strategic alliances were forged to help enter the local market, Mr Kwok said.

Banking is just one of the financial sectors in which new opportunities should open up for Hong Kong's skilled business establishment, with its low-tax regime an irresistible magnet for holding companies and financial services providers.

Equity brokerages will not be the least of these. Laura Cha Shih May-lung, vice-chairman of the China Securities Regulatory Commission, was reported yesterday as saying foreigners could invest in Chinese brokerages in 2004, and would be allowed to invest directly in the domestic markets in five years. This is also a consequence of WTO entry. The foreign investment administration of the Ministry of Foreign Trade and Economic Co-operation said in July said a foreign-invested joint-stock limited company which met requirements would be allowed to issue A or B shares domestically. Foreign investors are eager to participate directly in China's vibrant A-share markets which have price-earning ratios of 40 to 50 but are restricted to local investors; currently they are allowed to invest only in the less liquid B-share markets in the mainland or in H shares in Hong Kong.