China’s retail banking sector faces regulatory and macroeconomic pressures that are lowering revenues and profits, with banks turning to AI and technology to boost growth and customer engagement

Despite recent market volatility and real estate downturns that resulted in a wealth decline in 2023, China’s wealth management industry is poised for continuous growth in 2024 and projected to exceed $100 trillion by 2025

China’s bank-backed fintechs, such as CCB Fintech and OneConnect, grapple with profitability, fierce competition from tech giants and evolving regulatory landscapes.

China’s private banking sector has witnessed a significant migration of high-net-worth individuals to the country’s largest banks, underscoring a flight-to-safety trend and intensifying competitive pressures for smaller banks.

China’s economy grew faster than expected at the start of the year but it remains to be seen if it signals a solid recovery trend as the crisis-hit property sector bears down on growth

China's e-commerce rebounded in 2023, with Pinduoduo's remarkable performance surpassing that of Alibaba and JD.com. Alibaba responded with the 'Year-End Good Price' festival, emphasising a 'low price strategy.'

China’s wealth management market overcame regulatory hurdles and saw renewed investor confidence in the first half of 2023, with mutual funds surpassing the scale of bank wealth management products

The impact of the Renminbi as a commodity currency extends beyond trade transactions, influencing its broader usage in the global financial landscape

Despite China’s trade surplus, the RMB is depreciating against the USD and Euro due to lower yields on RMB-denominated assets, but this trend is expected to reverse in 2024 as interest rates align and exports recover

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.

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

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.