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Financial Industry

Why China

According to the data published by the National Bureau of Statistics of China, in 2019, China’s financial industry generated an added value of 7707.7billion yuan ($1107.6 billion), up 7.2 percent compared with the previous year, accounting for 7.8 percent of its GDP.

By the end of 2019, the total assets of China's financial institutions reached 318.69 trillion yuan, with year on year growth of 8.6 percent.

The benchmark Shanghai Composite Index gained 22.3 percent in 2019, its best annual performance since 2014. The Shenzhen Component Index also rallied 44.08 percent in the past year, the biggest annual gain in nearly 10 years.

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Subsections

Banking industry: China leads the world in the banking industry with the total assets of 290 trillion yuan ($41.7 trillion) at the end of 2019, according to the China Banking and Insurance Regulatory Commission.

Insurance industry: In 2019, China's insurance sector has reported stable operation with the solvency ratio within a reasonable range, the country's banking regulator said.

The next step for Chinese insurance sector is to promote the development of commercial insurance in social services to better satisfy people’s demands, according to the State Council's executive meeting chaired by Premier Li Keqiang on Dec 30, 2019.

Securities industry: China has taken a further step in opening up its securities sector with a slew of new measures announced last year, permitting foreign-funded agencies to conduct credit rating business with all kinds of bonds traded in China's inter-bank and exchange market.