China’s leaders now aim to transform China into one of the world’s leading industrial powers by 2045 and for this, a new business model will be designed. By doing this, it aims to reduce and eventually overcome the country’s dependence on cheap manufacturing and instead focus on advanced industrial goods for markets. Not only this, China has for long been building knowledge-based economy, driven purely by innovation and domestic consumption. But its real estate sector still consists of ghost towns and dozens of unleased commercial spaces.
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The ‘Big Bank’ Theory- different bank similar crime
Big banks have been subject to a lot of scrutiny after the global financial meltdown in 2008. During the crisis, banks remained huge and posed systemic risks that were large enough to take down the entire financial system and eventually the economy. The question that is very important is whether pleading guilty to manipulation solves the problem that big banks face. The bitter truth remains that the big bank theory leads to bigger scams and if found guilty, leads to bigger fines but nothing really changes. The increased evidence of unethical behavior in the banking system is just a small chapter in the history of many banking scandals.
BRICS NEW DEVELOPMENT BANK – Does it have what it takes?
The whole purpose of BRICS New Development Bank is to be self sufficient and rely less on western economies. The world’s reserves has shrunk from 90% (2004) of dollar denominated securities to 60% in 2014. But, the growing tension individually in the member countries could easily defeat the purpose for which it was originally formed. Some debate that this small initiative (formation of BRICS) could be a big challenge for the advanced economies.
Will China-led bank (AIIB) Test The Shift of Economic Powers?
Posted on Author deenazaidiPosted in Banking News, China, Economy, Investment, World EconomyLeave a Reply
The creation of AIIB, China has opened its closed doors to many countries. In committing to contribute up to 50% of the AIIB capital, it will be taking the lead in assisting the development of other Asian countries. There will be a lot of rising challenges in the development of the bank but this could be a great opportunity for China to prove itself as a global leader.