Despite economic challenges and shifting consumer trends, China’s Double 11 sales increased, placing Pinduoduo as a formidable contender in the fiercely competitive e-commerce sector

China’s macroeconomic outlook, open financial markets and continuous technological innovation create ideal conditions for international use of RMB based on a global survey by TABInsights with over 2,542 executives from financial institutions and corporations across 23 markets.

In 2023, China’s domestic systemically important banks grew to 20, led by China Merchants Bank in the TAB Global 1000 World’s Strongest Banks 2023 ranking, but some still require more capital despite improved capital ratios

Banks and other financial institutions in China are quicker to adopt new technologies to improve core banking infrastructure, strengthen lending, and enhance compliance

Despite economic headwinds, banks leveraged advanced technologies and a customer-centric approaches to drive balanced growth, with customer engagement, financial inclusion, and ecosystem development emerging as key strategies

Thirty-seven banks held assets surpassing $1 trillion, distributed among 16 in Asia Pacific, 13 in Europe, and eight in North America, representing 51% of the top 1000 banks’ total assets; overall asset growth has decelerated, with the US and some European nations experiencing steep declines and countries like Egypt demonstrating resilience

China's wealth management market has the potential to surpass $100 trillion by 2025, but it needs to overcome challenges like low asset allocation, regulatory changes, and pressure on wealth managers

Despite efforts to cap financial sector pay, 17 out of the 25 largest commercial banks in China saw a rise in average remuneration for their directors, supervisors and other senior executives in 2022

Alipay emerges as the best platform, driven by its impressive performance in coverage, connectivity and ecosystem, while GCash excels in customer base, usage and engagement, and Wise scores on performance

Chinese private banks are upgrading philanthropic planning services to cater to increased demand following the country’s ‘common prosperity’ policy

China Merchant Bank (CMB), Industrial and Commercial Bank of China (ICBC) and other major Chinese commercial banks have stopped robo-advisory services in response to increased regulatory scrutiny.