The country is home to the world’s largest banks.
Assets held by Chinese banks rose 7.1% YoY to $37t (CNY253.4t) as of end-June, according to state news agency Xinhua.
However, the banking sector’s total liabilities also rose albeit at a slower pace at 6.8% to $34.16t (CNY233.2t).
The combined onshore assets of the country’s "big five" lenders—the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, Bank of China, China Construction Bank (CCB), and Bank of Communications—came in at $13.27t (CNY90.6t). This represents more than a third (35.7%) of the total assets in the industry.
With such a massive asset pool, Chinese banks are easily the world’s largest lenders, beating Western incumbents like JPMorgan Chase, Wells Fargo, and Citi, and Japanese titans like Mizuho and Sumitomo for the prestigious title.
A report by S&P Global Market Intelligence notes that the assets held by ICBC in 2017 is at $4t whilst CCB follows not too far behind with $3.4t. Agricultural Bank of China has around $3.24t in assets whilst Bank of China falls short of the $3t mark with $2.99t in assets. Together, they make up four of the world's largest banks in terms of assets held.
Bank of Communications has around $1.39t in assets and is still in the top 25 after ranking 21st place.
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