Financial services in China refers to the
services provided in China by the finance industry: banks,
investment bank
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort.
In finance, the purpose of investing i ...
s, insurance companies, credit card companies, consumer finance companies,
government sponsored enterprise
A government-sponsored enterprise (GSE) is a type of financial services corporation created by the United States Congress. Their intended function is to enhance the flow of credit to targeted sectors of the economy, to make those segments of the ...
s, and
stock brokerages.
Securities trading
The
China Securities Regulatory Commission (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 partner
Richard Ong
Richard Ong Tiong Sin (born 1965) is a Malaysian businessman and investor. He is the founder, chairman, and CEO of RRJ Capital, one of the largest private equity funds based in Asia. Richard was also a founder and CEO of Hopu Fund 1, a Beijing-b ...
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
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 ...
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
An ATM card is a payment card or dedicated payment card issued by a financial institution (i.e. a bank) which enables a customer to access their financial accounts via its and others' automated teller machines (ATMs) and to make approved point of ...
corresponding to an
interbank network such as
Cirrus
Cirrus may refer to:
Science
*Cirrus (biology), any of various thin, thread-like structures on the body of an animal
*Cirrus (botany), a tendril
* Infrared cirrus, in astronomy, filamentary structures seen in infrared light
*Cirrus cloud, a typ ...
or
PLUS
Plus may refer to:
Mathematics
* Addition
* +, the mathematical sign
Music
* ''+'' (Ed Sheeran album), (pronounced "plus"), 2011
* ''Plus'' (Cannonball Adderley Quintet album), 1961
* ''Plus'' (Matt Nathanson EP), 2003
* ''Plus'' (Martin Ga ...
, 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
An urban area, built-up area or urban agglomeration is a human settlement with a high population density and infrastructure of built environment. Urban areas are created through urbanization and are categorized by urban morphology as cities, ...
such as
Beijing
}
Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...
.
See also
*
China Venture Capital Association China Venture Capital Association (CVCA) is a Venture Capital industry trade group that itself says "promotes the interest and the development of venture capital ("VC") and private equity ("PE") industry in the Greater China Region."
CVCA was foun ...
*
Economy of China
*
History of banking in China
*
Chinese financial system
The People's Republic of China has an upper middle income developing mixed socialist market economy that incorporates economic planning through industrial policies and strategic five-year plans.
—Xu, Chenggang. "The Fundamental Institution ...
References
External links
Renmin University of China Finance and Securities Research Institute
Finance in China
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