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Chinanews, Beijing, Apr. 26 – By 2015, the actual revenue made by Chinese banking1 industry will grow by 8.5% every year. By then, Chinese banking industry will become the third largest banking industry in the world, according to a latest report issued by the Boston Consulting Group.
In this report, the global business consulting firm says that China is making transformation2 to become one of the most important markets in banking industry in the world. In 2006, three Chinese banks entered into the world’s top ten banking list, their market capitalization having exceeded 100 billion US dollars. Among them, the Industrial and Commercial Bank of China is now the second largest bank in the world, only next to Citibank. Bank of China is placed as the world’s sixth largest bank, while China Construction Bank has moved five places forward to become the seventh largest bank globally. This has totally changed the world’s banking industrial structure. The report says that Chinese banks have the capacities to compete globally. Apart from business expansion, Chinese banks have also improved a lot in raising the competitive edge against their domestic counterparts. Over the past five years, their outstanding business performance has outshone their counterparts in the West and they have brought substantial profits to their investors3, the report says.
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