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1 week ago | 
caixinglobal.com | Wu Xiaomeng |Zhu Liangtao |Fan Qianchan |Qing Na
Explore the story in 3 minutesChinese banks are increasingly optimistic about their international ventures, as their overseas operations show significant growth in profits compared to domestic struggles. The Industrial and Commercial Bank of China (ICBC) reported a 19% rise in pretax profits from its overseas institutions last year, reaching $4.4 billion as total assets expanded by 4% to over $430 billion [para. 2].
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1 week ago | 
caixinglobal.com | Wu Xiaomeng |Zhu Liangtao |Fan Qianchan |Qing Na
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Chinese banks have reasons to be optimistic about venturing abroad.
Industrial and Commercial Bank of China Ltd. (ICBC), the world’s largest commercial lender by assets, reported that the pretax profit for its overseas institutions rose 19% to $4.4 billion last year, according to Zhang Weiwu, a senior executive vice president.
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1 month ago | 
caixinglobal.com | Wu Xiaomeng |Han Wei
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Several Chinese banks have handed out loans to support selected tech firms’ merger-and-acquisition (M&A) deals under a newly launched pilot program to improve access to credit for innovative businesses.
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1 month ago | 
caixinglobal.com | Wu Xiaomeng |Denise Jia
China is expanding its pilot program for financial asset investment companies (AICs), allowing more commercial banks to participate and bringing insurance funds into the fold. The move aims to strengthen equity investment in technological innovation and private enterprise development. The National Financial Regulatory Administration (NFRA) issued the new policy Wednesday, significantly broadening the scope of AIC investment. You've accessed an article available only to subscribers
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1 month ago | 
caixinglobal.com | Wu Xiaomeng |Wu Yujian |Denise Jia
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A sudden announcement from China’s top anti-corruption watchdog has reignited public interest in Jiang Chaoliang, a former provincial leader whose political downfall began during the early days of the Covid-19 pandemic.
On Feb. 21, China’s Central Commission for Discipline Inspection (CCDI) announced that Jiang, 67, was under investigation for serious disciplinary and legal violations.
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1 month ago | 
caixinglobal.com | Wu Xiaomeng |Wu Yujian |Denise Jia
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2 months ago | 
caixinglobal.com | Wu Xiaomeng |Xia Yining |Denise Jia
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Chinese mainland citizens will soon be able to open foreign currency bank accounts at mainland branches of Hong Kong and Macau banks, though restrictions on opening offshore bank accounts remain unchanged.
The National Financial Regulatory Administration (NFRA) announced Wednesday that these branches will be allowed to issue bank cards to existing customers from March 1.
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Jan 17, 2025 | 
caixinglobal.com | Zhu Liangtao |Fan Qianchan |Wu Xiaomeng
Explore the story in 3 minutesIn 2024, China's bank stocks surged as investors were attracted by the high dividends and low valuations in contrast to the broader sluggish economy and credit concerns. The banking sector showed remarkable growth, defying its previous status as a lackluster performer due to investors' focus on dividends, which are akin to corporate bonds given their low volatility and stable payouts [para. 1][para. 3][para. 4].
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Jan 17, 2025 | 
caixinglobal.com | Zhu Liangtao |Fan Qianchan |Wu Xiaomeng
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Investors in China’s mainland stock market made a beeline for bank stocks last year, making the sector the market’s top performer despite the country’s sluggish economy, a slowdown in loan growth, and concerns about a deterioration in asset quality.
The reason? Dividends. Banks doled out cash payments to shareholders like confetti.
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Dec 11, 2024 | 
caixinglobal.com | Wu Xiaomeng |Han Wei
China is poised to roll out a private retirement account program nationwide after nearly two years of trials in select cities and regions.
The move comes as the country intensifies efforts to establish a personal pension system addressing the challenges posed by a rapidly aging population.
Multiple sources familiar with the matter told Caixin that the Ministry of Human Resources and Social Security (MHRSS) is expected to hold a meeting as soon as this week to discuss the pilot expansion.
