Summary of Financial Services: China

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Increasing affluence, disrupting reforms and a slowing economy will bring enormous changes to China’s financial industry in the period to 2018. According to this forecast from the Economist Intelligence Unit, opportunities and rewards abound in Chinese financial services, but challenges and risks remain – particularly from a potential fall in property prices, but also from the relaxing of restrictions in a heavily state-controlled sector. getAbstract recommends this authoritative analysis of China’s near future in the financial sector to global executives and bankers.

About the Author

The Economist Intelligence Unit is an independent research and analysis organization.

 

Summary

Chinese GDP will grow to more than $15 trillion in 2018 from an estimated $10.4 trillion in 2014. And the number of Chinese millionaires – “households with net wealth over US$1 million – will more than double. That creates huge opportunities for China’s financial sector. While 64% of Chinese adults maintain accounts in financial institutions, only 8% have credit cards, and just 5% hold mortgages. In addition, an aging population will need ways to save for retirement. President Xi Jinping’s government wants to “internationalize the renminbi” and relax interest rates. The latter is no easy task in...


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