Foreign banks in China expect to generate healthy revenues in 2008 despite regulatory challenges and staff retention problems, the Financial Times reported. Nine out of 42 banks surveyed by PricewaterhouseCoopers (PwC) said they projected a 100% increase in revenues this year, while a further 10 expect growth of 40-50%. Their positive outlook is based on a belief that Chinese clients will be attracted by foreign banks’ sophisticated product offerings and global reach – areas in which domestic players are still lacking. The PwC report claims there are 76 foreign banks now operating in China, 20 of which have incorporated locally in order to offer a wider range of local currency products. However, these foreign banks account for just 2.4% of China’s total banking assets. HSBC, Citibank and Standard Chartered scored highest in terms of local brand awareness, the survey found.