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
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.
China comes in second on the Forbes World’s Billionaires List 2023 with 495 billionaires amongst 2,640 individuals with 10-figure fortunes,
Ping An is partnering with digital supply chain and e-commerce platforms to grow its transaction banking business and serve customers across their trade and supply chain finance as well as cash and treasury management needs
Banks strengthen digital banking capabilities by enhancing the user interface and user experience design, automation and digitalisation
The past year saw a strong momentum in the international adoption of Renminbi (RMB) as its share as a reserve currency continued to increase. Claims in RMB rose to a five-year high of $336.1 billion (RMB 2.2 trillion) in the fourth quarter of 2021, accounting for 2.8% of the composition of world reserve currencies, the highest since RMB’s inclusion in special drawing rights (SDR) in 2016. In the latest review of the SDR, the International Monetary Fund (IMF) increased RMB’s weight to 12.3% from 10.9%.
In mid-April, three rural banks in Henan Province - Yuzhou Xinminsheng Village Bank, Shangcai Huimin County Bank, Zhecheng Huanghuai Community Bank and one rural bank in Anhui Province (Guzhen Xinhuaihe Rural Bank) successively announced that deposits at these banks could not be withdrawn due to certain "system upgrades".