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China has promised to lift restrictions on foreign lenders in its massive banking system, creating a huge opportunity for America's biggest banks.

The enormous size and rapid growth of China's economy make it a tantalizing market for Goldman Sachs (GS), Citigroup (C) and other Wall Street firms. They stand to make gobs of money by lending more to Chinese businesses and people and providing investment banking expertise to an underserved market.

China is the largest foreign market for Bank of America (BAC) and JPMorgan (JPM), though each bank gets less than 2% of its revenue there.

"It's a great opportunity for the big banks. They have the skills, money, capital and experience," said David Kotok, founder chief investment officer at Cumberland Associates.

Kotok played down concerns about the challenges of operating in China.

"The issues are the same as doing business anywhere in the world. China is not a Dark Ages country," he said.

Read the full article at CNN Money.