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News on Banking & Finance in China

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Household spending

Consumers buy a new device to avoid queues at the bank
Apr 30, 2010 (WiC 58)

China might have some of the largest banks in the world, but that doesn’t mean that their branches provide a quick and efficient service. It’s not uncommon to go into a local branch of Bank of China or ICBC and find oneself at the end of a ...

Problems turning off the tap

Hubei province announces a stimulus plan that’s 10 times its GDP
Apr 23, 2010 (WiC 57)

Over the past 100 years the central province of Hubei has twice fomented revolutions. In 1911 it was the starting point for a revolt that toppled the Qing Dynasty – in the process replacing thousands of years of imperial rule with a new ...

Of good rural stock?

Agricultural Bank IPO finally back on track
Apr 16, 2010 (WiC 56)

Despite its 5,000 year history, China didn’t open its first modern bank till May 1897. According to historian Jonathan Fenby, the Imperial Bank was set up by a decree from the Chinese emperor Guangxu and even headhunted a general manager from ...

Major Chinese bank cuts top management’s pay by 45%
Mar 26, 2010 (WiC 54)

Jiang Jianqing, the chairman of ICBC, sits at the high-table of global bankers. But the man behind the world’s largest bank took home just Rmb1.6 million ($236,000) in 2008 – a fraction of what his peers on Wall Street earn. And as the Caixin ...

The invisible loan

Why trust companies could be the next problem in the financial sector
Mar 19, 2010 (WiC 53)

Accounting gimmicks are back in the news this week, with new revelations about how Lehman Brothers managed to disguise its desperate financial situation in the lead up to its final downfall. It did so by glossing up its balance sheet with ...

The cheque republic

An Eastern European firm is at the vanguard of Chinese consumer finance
Mar 12, 2010 (WiC 52)

When 36 year-old Zhang Hongqi went to buy a new mobile phone earlier this month, he didn’t know that he was about to take part in Chinese financial history. He didn’t pay for all of the phone in one go – instead, he took out a small ...

The $6.1 billion question

Analysts think HSBC will invest in Bank of Communications rights issue
Mar 5, 2010 (WiC 51)

Michael Geoghegan only moved to Hong Kong in January, but based on his frequent references to the Chinese economy at this week’s annual results, it looks like he is already halfway to becoming an ‘old China hand’. Saying he was proud ...

A tale of 26 cities

In China, every major city wants to become a financial centre
Feb 19, 2010 (WiC 50)

The City of London, also known as “the Square Mile”, is one of the world’s great financial hubs. This small area – densely populated with banks, brokers and insurers – is a vital part of the UK economy: in 2008, it contributed 4% of the ...

Some like it hot – not Beijing

The government curbs runaway loan growth to stop economy overheating
Feb 5, 2010 (WiC 48)

There’s no economic bubble out there that’s about to go ‘pop’,” wrote dapper pundit Larry Kudlow. The American business news anchor was expressing his agreement with the editors of the Chicago Tribune that America was “enjoying a ...

No lack of funds

Why Citic Securities faces a tough choice
Feb 5, 2010 (WiC 48)

Citic Securities is already the largest listed brokerage in China. It also owns the country’s largest asset management company. And now, it wants to run the biggest private equity fund. Last week the company announced that it has completed ...

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