Tuesday, May 8, 2018

China's Big Banks

Lots of things are bigger in China: the population, the IPOs, the electrical dams, the Starbucks, even the mosquitos. Turns out the banks are bigger too.

The three largest banks in the world are all Chinese. The country's banking sector hit $35 trillion early this year — roughly 3.1 times the size of China's annual GDP. It overtook the eurozone's banking assets of $31 trillion — 2.8 times the eurozone's GDP — in late 2016. And it leapfrogged America's banks — $16 trillion in assets — back in 2010.

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For some reason, this fact always is portrayed in the West as a problem.

To me it looks like proof that China is going to rule the world. We had better hope they are not as vindictive as we are.

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