This is not good news the economy of China since most of these elderly are not financially independent enough to look after themselves. It will further mean a reduction in the use of banking services by the aging population as they have less disposable income. 2.4 Technological factors, the biggest technological change affecting the Chinese banking sector is the digital revolution where by everything to do with banking can be done online. The financial innovations in the Chinese banking sector include we bank and my bank; these innovations offer financial services at low costs with higher efficiency which makes them attractive to Chinese user of banking services (Mintel 2017). According hazlitt to mintel (2017) Chinese consumers have a clear attitude towards online and mobile financing services and prefer convenience and professionalism to incentives. Bank of China has been charged with money laundering in a case involving its Milan branch. According to reuters (2017 the bank was charged 980,000 euros for smuggling more than.78 billion into China from Italy between 20 by Chinese people living in Florence and nearby Prato (Reuters 2017).
According to ecb economic Bulletin (2017 shadow banking (non-bank) activities in China have increased to such a point where credit from non-bank to non-financial sectors rose to 70 of Chinas gdp in 2016. Such activities have increased due to regulatory arbitrage as institutions have sought a way of reducing regulatory oversight and avoid other measures such as liquidity requirements. But if allowed to continue in the long-term, such unregulated credit activities will drive leverage and debt levels to such dangerous levels it could pose a serious risk to Chinas financial stability with spillover effects on the global economy (Tang 2017). 2.3 Social environment, the social environment includes changes in socio-cultural trends which can include changes in population demographics, social mobility, income and education, attitudes to work and leisure or changes in lifestyle (Johnson et al 2008). Social changes have the strength to impact Bank of China negatively or positively. One such change in Chinas population demographics is the fast aging population of the country. According to rapoza (2017 chinas population is rapidly aging, in fact faster than other countries in recent trunk history and it is not good news. According to xinhua (2018) more than 230million Chinese were aged 60 and above in 2016 and it is estimated 225 million will be above the age of 60 by 2020.
2.2.3 Chinas Belt and road Initiative (BRI). In 2013, xi jinping officially launched the Chinas Belt and road Initiative (bri a trade and economic development initiative involving building infrastructure projects across countries in Asia, europe and Africa in order to boost trade and development in what is refeffred to as the modern. The project, estimated to cost more than 900bn in funding is a massive opportunity for both local Chinese banks as well as international banks such as Citi Group, hsbc and Standard Chartered which see it as a once in a lifetime opportunity to grow and. For local Chinese banks including Bank of China, the massive opportunity is in financing some of the numerous state-sponsored infrastructure projects such as the many power plants, railways and motorways, or port terminals to be built (Phillips 2017; Arnold 2018). 2.2.4 The threat of Chinas shadow banking. Shadow banking is a major threat to the Chinese banking and financial sector. This unregulated financial system has become a major threat to the Chinese economy and the banking sector at large.
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China has introduced rules that limit overseas withdrawals using Chinese domestic bank cards at 15,370 per year in an effort to curb terrorist financing, money laundering and tax evasion. Individuals who exceed the annual" are immediately suspended from overseas transactions (Xinhua 2017; reuters 2017). The new rules require Chinese banks to report daily cash withdraws and domestic cards transactions that exceed 148 from online stores or overseas bricks and mortar (Xinhua 2017). While the rules are intended to improve data quality and transparency of overseas transaction using bank cards and deter money laundering and terrorist financing (Xinhua 2017 some analysts argue that they show Chinas desire to control financial outflows out of the country, mostly individual flows. But it could affect the overseas expansion of Chinese banks as well reduce bank customers overseas who might find it an inconvenience in their spending. 2.2 Economic environment.2.1 Chinas economic growth slows down. Chinas banking sector plan has been struggling with a number of both internal and external issues including slow economic growth experienced during 2017, billions of dollars in bad industry loans as well as increasing regulatory scrutiny (Gensler 2017).
Chinas economy which grew.7 in 2017 was much lower than past growth. These issues have impacted many industries including the banking sector and partly contributed to bank of China sliding two spots down to number 8 in the forbes Worlds largest companies in 2017 (Gensler 2017). 2.2.2 Fast loan growth, the risky lending of many Chinese banks has stretched financing costs and hurt their profit margins (Zhang and Tham 2017). According to reuters (2017 the demand for loans was stronger in 2017 compared to past periods as more Chinese are nowadays taking their investments abroad. Local governments in China also increased local infrastructure investment, which led to fast loan growth in the first 2017. All the five major lenders in China reported low or steadying non-perfuming loans in June 2017 (Reuters 2017).
Its main competitors include Industrial and Commercial Bank of China (icbc) and China construction Bank. It is headquartered in beijing, China and provides banking and other financial services such as insurance, investment banking, corporate banking, personal banking, as well as provision of finance to other financial institutions and government authorities (Forbes 2017; m). As of 2017, the banks revenues were approximately 113.11B with profits.86 (Forbes 2017). 2.1 Political environment.1.1 Chinas new securitization laws, chinese regulators opened their doors to securitization in 2016 giving Chinese big banks a push towards moving bad loans off their balance sheet (Thomas 2017). Securitization will allow Chinese banks to get rid of bad or non-performing loans, a move good for the Chinese banking system as the countrys banks will use the market to sell off poorly performing loans and this could be great potential for market growth (Thomas.
This will positively benefit Bank of China and many Chinese banks as they will be able to clear bad debts off their balance sheets and free up their regulatory capital. However, there are also associated risks to securitization given that it played a major role in the lead up to the 2008 global financial crisis. There are already fault cracks beginning to appear in Chinas financial landscape. A case in point is the securitized bridge in Inner Mongolia which could not collect enough tolls to pay investors (Shen and Ruwitch 2017). According to Shen and Ruwitch (2017 the rate at which the system is triumphing and the rapid business growth associated with it have so much in common with the early stages of the us subprime crisis. Chinas effort to reduce its enormous debt could potentially destroy its banking sector and lead to a crisis. 2.1.2 beijing moves to put restrictions on overseas bank transactions.
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Select any png, jpeg or svg file you wish to upload from your computer. Uploaded images are automatically saved inside your Uploads folder, ready to be used in other designs. Canva is a fully online design platform. . Simply head on over to m to start creating your swot analysis design. You dont need to download Canva, just create an account and log. If you want to design on the go, download our ipad, iphone or Android apps for mom free from the App Store and google Play. Analyse bank of China and the financial sector of China using Pestel and Swot 2018. Bank of China is the biggest state owned commercial bank as well as oldest in China having been founded in 1912. It was 8th in the forbes Global 2000 in 2017 (Forbes 2017).
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