Financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
in China refers to the
service
Service may refer to:
Activities
* Administrative service, a required part of the workload of university faculty
* Civil service, the body of employees of a government
* Community service, volunteer service for the benefit of a community or a pu ...
s provided in China by the finance industry: banks,
investment banks, insurance companies, credit card companies, consumer finance companies,
government sponsored enterprises, and
stock brokerages.
Securities trading
The
China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) is a government ministry of the State Council of the People's Republic of China (PRC). It is the main regulator of the securities industry in China.
History
China's first Securities Law was ...
(CSRC) has required since 2004 that newly appointed CEOs, deputy CEOs, and heads of supervisory boards at locally incorporated securities firms all pass a Chinese language ability examination to take up their posts.
In 2007, for example,
Goldman Sachs
Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...
partner
Richard Ong was denied permission to take the job of CEO at Beijing joint venture Goldman Sachs Gao Hua Securities Co. because of his weak Chinese language abilities.
Electronic banking
In 1994, China started the "Golden Card Project," enabling cards issued by banks to be used all over the country through a network. The establishment of the
China Association of Banks rapidly promoted the interbank card network and by the end of 2004, the inter-region-inter-bank network had reached 600 cities, including all prefecture-level cities and more than 300 economically developed county-level cities.
International ATMs
PRC citizens may apply for an international
ATM card corresponding to an
interbank network
An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belon ...
such as
Cirrus or
PLUS, but foreign residents may not. Foreign residents in PRC, however, ''may'' use such interbank networks at ATMs in PRC through ATM cards procured in foreign countries.
Interbank ATMs are common throughout the country, especially in densely populated
urban areas such as
Beijing.
See also
*
China Venture Capital Association
*
Economy of China
The China, People's Republic of China has an upper middle income Developing country, developing Mixed economy, mixed socialist market economy that incorporates economic planning through Industrial policy, industrial policies and strategic Five- ...
*
History of banking in China
History (derived ) is the systematic study and the documentation of the human activity. The time period of event before the invention of writing systems is considered prehistory. "History" is an umbrella term comprising past events as well ...
*
Chinese financial system
References
External links
Renmin University of China Finance and Securities Research Institute
Finance in China
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