Foe or frenemy?
China’s giant banks are under attack
COULD internet-finance entrepreneurs upend China’s banking sector? The notion seems preposterous. After all, China is home to the world’s biggest banks. Its financial sector is heavily regulated, making life difficult for disruptive innovators. Yet these same goliaths are now under attack from online funds that are offering returns that are 15 times higher than those allowed on conventional deposit accounts at regulated banks.
This article appeared in the Finance & economics section of the print edition under the headline “Foe or frenemy?”
From the March 1st 2014 edition
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