China is accelerating efforts to build a series of giant banks and brokerages as it pushes to consolidate the financial sector and make it better able to weather economic shocks.
Nearly one in 20 of the country’s rural banks have shut their doors over the past year, according to data from China’s National Financial Regulatory Administration, in a sweeping revamp of the banking sector in the aftermath of a years-long property crisis.
In separate data compiled by S&P Global Ratings, mergers have taken place or are under way at Chinese securities companies managing more than one-fifth of the sector’s assets since late 2023.
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