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Enping Financial Crisis
The Enping financial crisis occurred in Enping, Jiangmen, Guangdong in China after nationwide bank runs in the aftermath of the 1997 Asian financial crisis brought a pattern of fraud to light in multiple of the city's banks. Fraud Local officials, as well as the bank managers at the local China Construction Bank (CCB) branch, had illegally allocated funds to their own projects. Other banks involved included the other three of the " big four" Chinese banks: the Bank of China, the Industrial and Commercial Bank of China, and the Agricultural Bank of China. The banks lost ( (US$509m) and (around US$0.5m)) due to the fraud, with the CCB branch alone estimated to have lost US$480m. Aftermath Losses incurred by the scandal cost the People's Bank of China The People's Bank of China (officially PBC or informally PBOC; ) is the central bank of the People's Republic of China, responsible for carrying out monetary policy and regulation of financial institutions in mainland China, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enping
Enping, alternately romanized as Yanping, is a county-level city in Guangdong province, China, administered as part of the prefecture-level city of Jiangmen. Enping administers an area of and had an estimated population of 460,000 in 2005. Its diaspora accounts for around 420,000 overseas Chinese, particularly in the Americas. The area around Enping is known for its many hot springs. Geography Enping is located in southwest Guangdong, at the western edge of the Pearl River Delta and beside the South China Sea. Enping borders Kaiping to the northeast and Yangjing to the southwest. History EnpingCounty was established in AD220. Under the Qing, it made up part of the Fu (administrative subdivision), commandery of Zhaoqing and was one of the Siyi, Four Counties responsible for much of the early Chinese diaspora from Guangdong in the 19th century. Many overseas Chinese trace their ancestry to Enping, particularly among the Chinese in Venezuela. Migrants from Enping and their ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jiangmen
Jiangmen (), alternately romanized in Cantonese as Kongmoon, is a prefecture-level city in Guangdong Province in southern China. As of the 2020 census, its three urban districts, plus Heshan City being conurbated, with 2,657,662 inhabitants are now part of the Guangzhou–Shenzhen conurbation with 65,565,622 inhabitants and the entire prefecture had a population of about 4,798,090 inhabitants. Names Jiangmen is the pinyin romanization of the Chinese name or , based on its pronunciation in the Mandarin dialect. Its former Wade-Giles spelling was . The Postal Map spelling "Kongmoon" was based upon the same name's Cantonese pronunciation ''Gong¹-moon⁴''. Other forms of the name include Kongmoon, Kongmun, and Kiangmoon. Jiangmen is also known as Pengjiang. Its rural hinterland is known to the Chinese diaspora as the " Four Counties" (q.v.), although the addition of Heshan to Jiangmen has prompted the remaining locals to begin calling it the "Five Counties" instead. Histo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guangdong
Guangdong (, ), alternatively romanized as Canton or Kwangtung, is a coastal province in South China on the north shore of the South China Sea. The capital of the province is Guangzhou. With a population of 126.01 million (as of 2020) across a total area of about , Guangdong is the most populous province of China and the 15th-largest by area as well as the second-most populous country subdivision in the world (after Uttar Pradesh in India). Its economy is larger than that of any other province in the nation and the fifth largest sub-national economy in the world with a GDP (nominal) of 1.95 trillion USD (12.4 trillion CNY) in 2021. The Pearl River Delta Economic Zone, a Chinese megalopolis, is a core for high technology, manufacturing and foreign trade. Located in this zone are two of the four top Chinese cities and the top two Chinese prefecture-level cities by GDP; Guangzhou, the capital of the province, and Shenzhen, the first special economic zone in the count ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and borders fourteen countries by land, the most of any country in the world, tied with Russia. Covering an area of approximately , it is the world's third largest country by total land area. The country consists of 22 provinces, five autonomous regions, four municipalities, and two Special Administrative Regions (Hong Kong and Macau). The national capital is Beijing, and the most populous city and financial center is Shanghai. Modern Chinese trace their origins to a cradle of civilization in the fertile basin of the Yellow River in the North China Plain. The semi-legendary Xia dynasty in the 21st century BCE and the well-attested Shang and Zhou dynasties developed a bureaucratic political system to serve hereditary monarchies, or dyna ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1997 Asian Financial Crisis
The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1999 was rapid and worries of a meltdown subsided. The crisis started in Thailand (known in Thailand as the ''Tom Yam Kung crisis''; th, วิกฤตต้มยำกุ้ง) on 2 July, with the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its currency peg to the U.S. dollar. Capital flight ensued almost immediately, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt. As the crisis spread, most of Southeast Asia and later South Korea and Japan saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt. South Korea, Indonesia and Thailand were ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
China Construction Bank
China Construction Bank Corporation (CCB) is one of the " big four" banks in China. In 2015, CCB was the 2nd largest bank in the world by market capitalization and 6th largest company in the world. The bank has approximately 13,629 domestic branches. In addition, it maintains overseas branches in Barcelona, Frankfurt, Luxembourg, Hong Kong, Johannesburg, New York City, Seoul, Singapore, Tokyo, Melbourne, Kuala Lumpur, Santiago de Chile, Brisbane, Sydney and Auckland, and a wholly owned subsidiary in London. Its total assets reached CN¥ 8.7 trillion in 2009, and it is considered a systemically important bank by the Financial Stability Board. Its headquarters is in Xicheng District, Beijing. History CCB was founded on 1 October 1954 under the name of People's Construction Bank of China (), and later changed to China Construction Bank on 26 March 1996. In January 2002, CCB Chairman Wang Xuebing resigned from the bank after being charged with accepting bribes while he was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brookings Institution
The Brookings Institution, often stylized as simply Brookings, is an American research group founded in 1916. Located on Think Tank Row in Washington, D.C., the organization conducts research and education in the social sciences, primarily in economics (and tax policy), metropolitan policy, governance, foreign policy, global economy, and economic development. Its stated mission is to "provide innovative and practical recommendations that advance three broad goals: strengthen American democracy; foster the economic and social welfare, security and opportunity of all Americans; and secure a more open, safe, prosperous, and cooperative international system." Brookings has five research programs at its Washington campus: Economic Studies, Foreign Policy, Governance Studies, Global Economy and Development, and Metropolitan Policy. It also established and operated three international centers in Doha, Qatar (Brookings Doha Center); Beijing, China (Brookings-Tsinghua Center for Public P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Big Four (banks)
The Big Four (or Big 4) is the colloquial name given to the four main banks in several countries where the banking industry is dominated by just four institutions and where the phrase has thus gained relevance. Some countries include more or less institutions in such rankings, leading to other names such as Big Three, Big Five, or Big Six. International use Internationally, the term "Big Four Banks" has traditionally referred to the following central banks: * The Bank of England * The Federal Reserve * The Bank of Japan * The European Central Bank Australia In Australia, the "big four banks" refers to the four largest banks who have traditionally dominated Australia's banking industry in terms of market share, revenue and total assets. The "big four banks" of Australia are: * Australia and New Zealand Banking Group * Commonwealth Bank (owned by the Australian Government until 1996) * National Australia Bank * Westpac A longstanding policy of the Federal Government in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of China
The Bank of China (BOC; ) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world. The Bank of China was founded in 1912 by the Republican government as China's central bank, replacing the Qing Dynasty's Ta-Ching Government Bank. It has been the second oldest bank in China still in existence after the Bank of Communications, founded in 1908. From its establishment until 1942, it issued banknotes on behalf of the Government along with the "Big Four" banks of the period: the Farmers Bank of China, Bank of Communications and Central Bank of the Republic of China. After the People's Republic was established in 1949, it has become a national commercial and foreign exchange professional bank. Its original central bank designation was carried on by the newly formed People's Bank of China. As of 31 December 2019, it was the second-largest lender in China overall and ninth-largest bank in the world by market capitalizatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial And Commercial Bank Of China
Industrial and Commercial Bank of China Limited (ICBC; ) is a Chinese multinational bank. Founded as a limited company on 1 January 1984, ICBC is a state-owned commercial bank. With capital provided by the Ministry of Finance of China, the bank's Tier 1 capital in 2013 was the largest of one thousand global banks, being the first bank headquartered in China to achieve this distinction in modern history. Subsequently, ranked the largest bank in the world 2017 and 2018, by total assets, (31 December 2020, US$4.324 trillionFrancis Garrido & Saqib Chaudhry (2019) The world's 100 largest banks published 5 April 2019 by S & P Global – accessed 8 February 2020), ICBC was positioned at 1st in The Bankers Top 1000 World Banks ranking, every year from 2012, and first (2019) on the Forbes Global 2000 list of the world's biggest public companies. Furthermore, ICBC is considered one of the most profitable companies in the world, ranking fourth according to Forbes. It is considered ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agricultural Bank Of China
Agricultural Bank of China (ABC), also known as AgBank, is one of the " Big Four" banks in China. It was founded on 10 July 1951, and has its headquarters in Dongcheng District, Beijing. It has branches throughout mainland China, Hong Kong, London, Tokyo, New York, Frankfurt, Sydney, Seoul, and Singapore. ABC has 320 million retail customers, corporate clients, and nearly 24,000 branches. It is China's third-largest lender by assets. ABC went public in mid-2010, fetching the world's biggest ever initial public offering (IPO) at the time, since overtaken by the Saudi Arabian state-run petroleum enterprise, Saudi Aramco. In 2011, it ranked eighth among the Top 1000 World Banks, by 2015, it ranked third in Forbes' 13th annual Global 2000 list and in 2017 it ranked fifth. It is considered a systemically important bank by the Financial Stability Board. History Since the establishment of the People's Republic of China in 1949, ABC has been formed and abolished several times. On July ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
People's Bank Of China
The People's Bank of China (officially PBC or informally PBOC; ) is the central bank of the People's Republic of China, responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by the People's Bank Law and the Commercial Bank Law. It is a cabinet-level executive department of the State Council. History The bank was established on December 1, 1948, based on the consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmer Bank. The headquarters was first located in Shijiazhuang, Hebei, and then moved to Beijing in 1949. Between 1950 and 1978 the PBC was the only bank in the People's Republic of China and was responsible for both central banking and commercial banking operations. All other banks within Mainland China such as the Bank of China were either organized as divisions of the PBC or were non-deposit taking agencies. From 1952 to 1955 government shares were added to private banks to make state-p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
