The Evolution of Banks in China Financial Essay
~The banking law system in China explained. Historically, the People's Bank of China PBoC was the only Chinese financial institution allowed to do business. However, the banking system was liberalized in the 1990s, allowing five special state-owned banks to begin accepting deposits and banking activities. ~Bitcoin quickly became the standard for virtual currency. It was released by the pseudonym Satoshi Nakamoto. All the Bitcoin in the world was worth 1. From Shenzhen, China-based WeBank has become the world's largest digital bank by leveraging AI, the blockchain, cloud technology and big data to provide inclusive financial services to underbanked individuals and small and medium enterprises. In an exclusive Banking Transformed interview with WeBank CIO Henry, Introduction. The chapter outlines the role of the state in the evolution of commercial banking in China. Different stages of the development process are examined. The chapter focuses on the deepening of state-led financial reforms that have led to the competitive advantage of China's commercial banking sector. The state-owned company,