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Chinese banks should make strategic moves for transformation to increase their economic value, said McKinsey & Company in a report Wednesday.
Chinese investors completed deals worth billion in North America and Europe in 2019, representing the lowest level since 2010 and 83 percent down from the peak of 7 billion in 2017, the report showed.
Chinese economy continues to make progress in rebalancing, with consumption and services sector maintaining relatively fast growth, said Ayhan Kose, director of the Word Bank's Development Economic Prospects Group, in a teleconference on Tuesday.
Chinese regulators have begun to clamp down on internet financing and peer-to-peer lending after some of the scores of nascent online loan outfits that have sprung up in past years fell under suspicion of perpetuating Ponzi schemes. Chao, a former PricewaterhouseCoopers auditor, said he welcomed government intervention as it would help normalize a saturated market. In an encouraging sign, Sina Pay-which its users employ to pay for services onlineis already gaining traction, he said.
Chinese police handed the suspect over to US law enforcement officers on Tuesday at Shanghai Pudong International Airport. They will escort the man back to the US to face justice.
