If there was ever any doubt about why foreign banks were trying to crack the Chinese market, it was put to rest this year with a jaw-dropping forecast revision.
China is on track to overtake the US as the world’s biggest banking sector by asset size by 2023, according to PwC, 20 years earlier than it had previously predicted.
That the prospects for the sector could have improved so markedly is a reflection of the slowdown in the developed world since the global financial crisis versus the far steadier, faster growth in China.
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