China Information

Thursday, January 11, 2007

China boasts 3 seats among top ten global banks

According to World Herald of Germany, China's three banks that are listed overseas are among the global top 10 banks. Among them China Industrial and Commercial Bank ranks the second place with a market value of 192 billion euros, only 14 billion euros less than the No.1 US Citibank, and pushes Bank of America (181 billion) and HSBC (163 billion) to the third and fourth places. Bank of China and China Construction Bank rank the fifth and seventh place respectively. Germany's biggest bank Deutsche Bank has a market value of 54 billion euros, ranking only No.30 globally. In the insurance industry, China Life Insurance Group's market value reaches 73.6 billion euros, making it No.4 in the world's insurance industry instead of Germany's Allianz.Observers believe that based on the huge market potential of China, China's financial industry will continue to grow rapidly in the years to come and will completely change the original global financial structure to establish a new global financial order.

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