China industry spotlight: Banking
Banks assist their clients in a lot of different areas besides just a place to keep their money. Most banks offer services in auditing, accounting, taxes, commercial real estate, commercial and corporate lending, loans, mortgages, securities, risk management, wealth management, and retirement. They clearly offer much more than what your mattress can offer! The world’s financial system has been under the microscope since the financial crisis and this includes banks.
Banks have many procedures and regulations they need to follow in order to prove that they are using their clients money wisely while it is on loan to them. Imagine the chaos that would ensue were people to believe that banks were no longer a safe place to keep money.
It is something that would paralyze the world. Thus, banks Chinese people typically have been more into saving money than spending it and this has given Chinese banks a good amount of leverage as a result. China’s central bank, the PBOC, is in charge of monetary policy, foreign exchange, interest rates and gold reserves. China has four state-owned banks which dominate a big portion of the industry. China’s banking industry still has a ways to go. It wasn’t until 1994 that China started accepting bank card payments instead of cash. However, despite that being 20 years ago, a great deal of Chinese transactions are still done with cash or debit cards instead of credit cards or checks. A very small percentage of merchants in China are set up to accept credit card payment. However, this should change in the near future. China has their eye set on being a dominant global force in all industries, banking included which means Chinese banks are becoming more international than before and are looking for international people to help them make the transition.
Gi2C Group can help you find a banking internship and learn more about China’s unique culture along the way with an internship in Beijing or an internship in Shanghai. Internships are the perfect opportunity to test different industries and company environments to learn about what type of career best suits you.
- Researching and analyzing customer and market data
- Industry trends analysis
- Marketing of new products
- Assisting with business operations management
- Scenarios for disaster recovery
- International banking procedures
Experience and qualifications
Preferably a graduate with a bachelors in business or an undergraduate currently pursuing a degree in math, economics or accounting. Attention to detail and analytical skills are needed.