China intent on ‘proactive’ reforms after tough 2024

Slowing loans, M&A and ECM hit banks' fees last year. Technology, exports and bonds are bright spots, while Hong Kong is increasingly being seen as a place to raise foreign capital. PBOC's governor Pan Gongsheng wants a proactive policy approach.
January 14, 2025

After a tough year for China’s markets, the Asian giant is trying to reform its way to success in 2025 as Donald Trump readies to enter the White House.

Showing the size of the challenge, new bank loans in China declined 17% last year for the first time since 2011 to Rmb18.1 trillion $2.47 trillion according to the People’s Bank of China PBOC and, according to data from the London Stock Exchange Group LSEG investment banking fees in China declined 18% to around $12.5 billion, compared to 2023 the lowest year since 2019, as MA and equity markets took a hit.

In its China Market Outlook...

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