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.

The weak sales growth for this year’s Double 11 shopping festival was largely driven by the depressed consumer sentiment and logistical disruptions under the zero-COVID policy, along with the regulatory scrutiny.

China comes in second on the Forbes World’s Billionaires List 2023 with 495 billionaires amongst 2,640 individuals with 10-figure fortunes,

Ping An is partnering with digital supply chain and e-commerce platforms to grow its transaction banking business and serve customers across their trade and supply chain finance as well as cash and treasury management needs

Banks strengthen digital banking capabilities by enhancing the user interface and user experience design, automation and digitalisation

The past year saw a strong momentum in the international adoption of Renminbi (RMB) as its share as a reserve currency continued to increase. Claims in RMB rose to a five-year high of $336.1 billion (RMB 2.2 trillion) in the fourth quarter of 2021, accounting for 2.8% of the composition of world reserve currencies, the highest since RMB’s inclusion in special drawing rights (SDR) in 2016. In the latest review of the SDR, the International Monetary Fund (IMF) increased RMB’s weight to 12.3% from 10.9%.

In mid-April, three rural banks in Henan Province - Yuzhou Xinminsheng Village Bank, Shangcai Huimin County Bank, Zhecheng Huanghuai Community Bank and one rural bank in Anhui Province (Guzhen Xinhuaihe Rural Bank) successively announced that deposits at these banks could not be withdrawn due to certain "system upgrades".