Beijing has set an ambitious goal of gaining leadership in the financial sector. This strategy has already brought brilliant results. Slowly but surely, China has achieved superiority in the global economy. Moreover, China’s remarkable success in the world’s finance industry has been acknowledged by The Banker, a reputable British periodical, which compiles an annual rating of the best financial institutions worldwide.
In the latest Top-1,000 survey, Chinese banks have occupied the four highest ranks. The experts judged banks by the core measure of financial strength – tier 1 capital. Here are the four largest and most distinguished banks in the world. ICBC has been winning top ranks for six years in a row. Its capital is estimated at $324 billion. The second rank is given to China Construction Bank with the capital worth of $272 billion. Bank of China deserves the third place as its capital amounts to $224 billion. Agricultural Bank of China with the capital of $218 billion takes the fourth rank. Besides, Chinese banks continue to dominate at the global level in terms of profit growth. According to experts from The Banker, Chinese banks have increased their overall capital by $29.3 billion in 2018. Italian banks occupy the second line in the rating. British banks are the third on the list.