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China's nationwide credit information system is composed of a national financial credit information database and market-oriented credit information institutions. By the end of August, the national database included information on 25.42 million companies and 970 million individuals, becoming the world's largest.
China's economic growth softened at the start of the third quarter, as the market showed stronger risk-averse sentiment after the US decided to impose additional tariffs on some Chinese goods starting next month.
China's economy is growing at a trend rate of 5.5 percent, primarily due to the post-pandemic reopening rather than fiscal thrust or accelerated credit creation, Mehran Nakhjavani, emerging markets strategist and partner at research firm MRB Partners, said in a report.
China's large-scale tax and fee reduction, including the government's reductions in VAT, one of the important measures for countering downward pressure, all present opportunities for foreign companies like Sabic, and "we will further deepen energy cooperation with old partners while continuing to seek new partnerships for sustainable development," he said.
China's four largest banks in terms of total assets, namely Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China and China Construction Bank, have successfully upgraded their banking licenses from being subsidiaries to becoming fully-fledged branches in the DIFC, Jaffery noted.