To boost the economy and help small and medium enterprises get capital more easily, the Chinese government is encouraging non-government entities to invest in financial institutions, even allowing private companies to open their own banks. When the government announced its decision to grant five banking licenses for private banks earlier this year, the big three tech companies—Tencent, Alibaba and Baidu—jumped at the opportunity. Given the technological expertise of their backers, these online banks are able to leverage things like big data and cloud computing to assess credit worthiness and tailor the user experience. But can they outmaneuver traditional banks?
The heady days of double-digit economic growth rates are now history in China, and even achieving 7-7.5% growth is unthinkable. The stock market has been on a roller coaster ride. The Renminbi has fallen dramatically and the trade numbers are down too. Li Wei, Professor of Economics at CKGSB, feels that to solve this China must implement structural reform. The downside: it will be painful. The upside: the Chinese economy will be better off in the long run.
The China-led Asian Infrastructure Investment Bank is poised to reshape development in Asia, and international finance.
In a short space of time Alibaba’s Ant Financial has created—and scaled—a diverse set of financial products and services: from online payments to cloud computing and data services.
In this series on The Chinapreneurs, we look at entrepreneurs’ experiences in starting a business in China. In the first one, Kevin Zhao, CEO of Wangli Bank, elaborates on starting up in China’s fast-changing internet finance sector.
The Asian Infrastructure Investment Bank has ruffled many feathers even before its formal launch. We bring you the lowdown on what it is and how it compares with the World Bank and the Asian Development Bank.
Yukon Huang on the mechanics of the Asian Infrastructure Investment Bank, China’s role in its governance, and comparisons with the World Bank and the ADB.
The first quarter Chinese GDP growth may fall below the 7% target and the US has softened its stance on the Asian Infrastructure Investment Bank.
This week, China’s central bank finally bit the bullet and cut the required reserve ratio by 50 basis points; and the manufacturing purchasing managers’ index hit a new low
A year on from its debut, we examine the hits and the misses of the much-touted Shanghai Free Trade Zone.