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Chinese banks are in the process of transforming their development model from fast growth to quality growth. While the total assets of 41 listed banks increased by 6.85 percent year-on-year by the end of 2017, much slower than the 13.95 percent growth in the previous year, the net profit realized by these banks rose 5.1 percent year-on-year in 2017, faster than the 3.68 percent growth in 2016, according to the EY report.
Chinese native Barry Zhang's Princetel Inc employs 70 people in a 50,000-square-foot facility in New Jersey that makes joints for fiber-optic cables.
Chinese brands have improved a lot in terms of design as well, and customers are even happier with them than with international brands, according to the survey.
Chinese Vice Premier Ma Kai and British Chancellor of the Exchequer Philip Hammond will co-chair the dialogue, Lu said.
Chinese banks should shift their focus from expansion to providing real economic value so they can seek higher quality growth, said experts from global market consultancy McKinsey and Co in a banking industry report.
