China's banking system has undergone significant changes in the last two decades: banks are now functioning more like western banks than before. Nevertheless, China's banking industry has remained in the government's hands even though banks have gained more autonomy. WTO has accepted China.The central bank of China is the People's Bank of China. The "big four" state-owned commercial banks are the Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China and the Agricultural Bank of China.