Question

7- Find the 5 errors in the following text. CHINESE FINANCIAL SYSTEM The biggest component of Chinese financial system is the banking system. In terms of asset size, Chinese banking system is the second biggest in the world after the US banking system. As of end of 2018, the biggest four banks in the world were Chinese banks. Bank of China, China’s central bank, is positioned at the top of the system. The so called Five Big Banks, the biggest of which is ICBC, make up about 40% of the banking system in terms of assets. Three policy banks: China Development bank, Agricultural Development Bank, Export Import Bank make up 10 % of the banking system, and are important for their role in supporting government policies. Foreign banks that make up 20 % of the banking system play an important role in the economy. The other components of the banking system are the Joint Stock Commercial Banks, City Commercial Banks, and rural banks. Shanghai Stock Exchange forms China’s stock market. China’s stock market is the second in the world in terms of the total market capitalization of traded firms. However China’s bond market is not much developed, ranking the 6th in the world in terms of the total value of outstanding bonds.

Answer 1

1. In terms of Assets under management (aum) the biggest banking system in the World is now with China , (ICBC)

2. Industrial and Commercial Bank of China,

China Construction Bank, Agriculture bank of China. Bank of china are the top 4 banks in the world.

3. The Shanghai Stock Exchange is the world's 4th largest stock market by market capitalization.

4. Apart from joint stock commercial banking and rural banks and city commercial banking ,Foreign banks were also allowed to establish branches in China. Which encompasses other components of Chinese banking system.

5.The size of China's bond market has been ranked third globally, surpassed only by the US and Japan.