The Banker's Top 50 Chinese banks ranking this year shows that the growth of China's financial sector may have been quickened by the credit crisis. Backed by interest rate cuts, lower reserve requirements and a $585bn government infrastructure-focused stimulus package, the average bank listed increased its total assets by 37% last year, compared with average growth of 33.5% in 2007.
The Top 50 Chinese banks also increased Tier 1 capital by an average of 44.9% in US dollar terms. The government's decision to underwrite continued economic growth with a huge increase in new bank lending has been a windfall for the country's banks, most of which ended the year with record profits and more capital than ever before.
