China’s financial sector just dropped its five-year glow-up report, and the numbers are 🔥! From banking giants to booming stock markets, here’s how the country leveled up during the 14th Five-Year Plan (2021–2025).
Banking on Growth 🏦
Pan Gongsheng, governor of the People’s Bank of China, revealed that the banking sector’s assets hit a jaw-dropping 470 trillion yuan ($66 trillion) by mid-2024—solidifying its global #1 spot. Meanwhile, China’s stock and bond markets now rank second worldwide, with foreign exchange reserves holding the crown for 20 straight years.
Risk? What Risk? 🛡️
Li Yunze, head of the National Financial Regulatory Administration, highlighted major progress in tackling financial risks. High-risk institutions and assets have shrunk to a ‘fully controllable’ level, with many provinces clearing out shaky small banks. Real estate? Over 1.6 trillion yuan poured into affordable housing and rental projects, stabilizing the market.
A-Shares Go Supernova 🌟
China’s A-share market smashed records this year, hitting 100 trillion yuan ($14 trillion) in total value for the first time! Wu Qing of the China Securities Regulatory Commission noted a 32% surge in long-term investments since 2020—proving global confidence in China’s markets.
Forex Fortress 💪
Foreign exchange reserves stayed rock-solid above $3.2 trillion for two years straight, according to SAFE’s Zhu Hexin. This financial safety net keeps China’s global trade and investments running smoothly.
With these wins, China’s financial sector is primed to tackle future challenges—and keep fueling the world’s second-largest economy. 💸🌏
