Banking
Tibet’s ecology improving
Environmental protection efforts have made headway in Tibet in the past five years and the government will continue to stress the construction of an “ecological civilization,” according to a government report.Released by the people’s congress of the autonomous region in January, the government work report found that the sustained ecological improvements in the region are a result of the government’s emphasis on striking a balance between economic growth and environmental protection.In 2009, the central government gave the green light to the autonomous region to implement a long-term ecological shelter zone preservation and construction plan.
Environmental protection efforts have made headway in Tibet in the past five years and the government will continue to stress the construction of an “ecological civilization,” according to a government report.Released by the people’s congress of the autonomous region in January, the government work report found that the sustained ecological improvements in the region are a result of the government’s emphasis on striking a balance between economic growth and environmental protection.In 2009, the central government gave the green light to the autonomous region to implement a long-term ecological shelter zone preservation and construction plan.
Banking
HSBC to Scale Back China Credit Card Operations Amid Expansion Challenges – Reuters
HSBC is withdrawing from its China credit card business due to difficulties in expanding, marking a strategic retreat in a challenging market environment.
HSBC’s Strategy Shift in China
HSBC is scaling back its credit card operations in China, highlighting challenges the bank has faced in expanding its customer base. The competitive landscape, combined with changing consumer preferences, has made it increasingly difficult for the bank to maintain its position in this lucrative market.
Market Challenges Ahead
Recent reports indicate that HSBC is reassessing its strategy, focusing resources on other areas where it sees stronger growth potential. The decision to pull back reflects the broader difficulties foreign banks encounter when trying to penetrate China’s financial services sector.
Future Focus
As HSBC pivots away from its credit card business in China, it aims to concentrate on digital banking and wealth management services. This strategic shift underscores the bank’s commitment to adapting to the evolving landscape of financial services while ensuring long-term sustainability in the region.
Source : Exclusive: HSBC pulling back from China credit card business after struggling to expand – Reuters
Banking
Bow to Beijing a low move by HSBC
HSBC has put money before morality to back China’s new security law: one that’s an assault on the freedoms of Hong Kong’s people.
Luckily for HSBC, it’s headquartered in Britain: a country where you can say what you like about Boris Johnson and his shambolic handling of the pandemic.
(more…)Banking
How China’s role in global finance has changed radically
Within the space of just 15 years, China has gone from being the largest net lender to the world to now being a net borrower. The implications for the global economy, and China’s role within that economy, could be significant.
‘If you owe the bank $1 million, you have a problem. But if you owe the bank $1 trillion, then the bank has a problem’. It’s an old gag, but it underscores an important point: the size of your borrowing or lending can have profound implications for your role in the world.
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