Top banks have certainly spent a lot of resources aiming to lay the groundwork for a long stay in China. The latest example of progress is the move by Bank of America to jump into credit card issuance in China. It will do so with its partner China Construction Bank. In June 2005, Bank of America took a 9 percent stake in the China bank and has an option to increase its investment to almost 20 percent. Initially, China Construction Bank will set up its own credit-card unit. Later, the banks will convert the division into a joint venture registered in China. Now joint ventures are notoriously difficult to manage. But the bet by CEO Ken Lewis is that they can work with their local partners and make it work. There's just too much upside to do otherwise. The credit card business is growing at about a 70 percent annual clip by some measures.

For more:
- here's an article from the Charlotte Business Journal