A brief overview of the banking sector of the economy of the people's Republic of China

Abstract

   The People's Republic of China is one of Russia's main partners, trade turnover between the countries is constantly increasing, while China has become one of the largest financial technology markets. The article describes the current structure of the banking sector of the People's Republic of China, analyzes the performance indicators of the largest Chinese banks controlling 70 % of the industry and the banking sector as a whole: assets, revenue, net profit, transaction and balance of payments statistics, innovative (patent) activity etc. The author identifies some trends in the development of the banking sector of the Chinese economy, including institutional changes, the active introduction of digital technologies, the emergence of new models of banking business, the entry into the financial market of large marketplaces, and attempts to substantiate the causes of these phenomena.