HSBC has put money before morality to back China’s new security law: one that’s an assault on the freedoms of Hong Kong’s people.
Within the space of just 15 years, China has gone from being the largest net lender to the world to now being a net borrower. The implications for the global economy, and China’s role within that economy, could be significant.
China’s financial reform and development over the past four decades could be described as strong in establishing financial institutions and growing financial assets, but weak in liberalising financial markets and improving corporate governance.
The two central banks aim to promote the use of innovation and technology to reduce costs and improve efficiency of financial products and services.
Alipay is the world’s largest mobile and online payment platform operated by Ant Financial Services Group, with over 900 million members.
So far China has not experienced a major financial crisis, despite the many risks and inefficiencies in its financial markets.
The regulation was issued in March 2016 and was intended to eliminate subprime borrowers and speculators and therefore contain the property buying frenzy. But the bubble persists.