4 Biggest Chinese Banks

4 Biggest Chinese Banks: China being a financially strong country and the second largest economic power in the world has a large banking system, which acts as a strong foundation for the economy of China. A 2021 statistical research revealed that China had approximately 187 commercial banks in total.

This article discusses the Four Biggest Chinese banks are Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC) and China Construction Bank (CCB) which are the backbone of the Chinese banking industry, which is even ranked higher in terms of total value than the US banking system.

Please go through this article for detailed information and important keywords relating to the biggest Chinese banks.

List of Four Biggest Chinese Banks

According to the S&P Global Market Intelligence 2023 annual rankings the four largest banks in the world are situated in China. The Chinese Communist Party (CCP) aka the ruling party of the remaining government, controls the financial institutions of the country through the People’s Bank of China (PBOC); PBOC dictates the monetary policy of the country and ensures substantial government influence on the financial sector of China.

To simplify we can say that each of the top Chinese banks remains predominantly state-owned and based in Beijing. The four biggest Chinese banks are stated in the table below:

S.No.	Bank Name	Services Provided	Total Assets (2023)
1.	Industrial & Commercial Bank of China	Business loans for manufacturers, retailers, power companies, and others.	$5.7 trillion +
2.	China Construction Bank Corp.	Corporate banking, Personal banking, and Treasury operations.	$5.0 trillion
3.	Agricultural Bank of China	Financing enterprises in rural China, Corporate and consumer banking services.	$4.9 trillion
4.	Bank of China	Corporate banking, Personal banking, Investment banking, and Insurance.	$4.2 trillion

The Four Biggest Chinese Banks

The four biggest Chinese banks, the services they provide and their economic impact are discussed in detail below:

1. Industrial & Commercial Bank of China (ICBC)

Bank Type	Specialized commercial bank
Assets	$5.7 trillion
No. of Employees	434,089 (approx.)
Headquarters	Beijing, China.

Ranking on top of the list of the biggest Chinese banks in terms of assets is The Industrial & Commercial Bank of China (ICBC)with its assets state-controlledassets state-controlled amounting to $5.7 trillion.

ICBC provides services like personal and commercial banking, wealth management, treasury management, and business loans for manufacturers, retailers, power companies, etc to its millions of customers.

ICBC has many subsidiary companies across continents, with 13 branches in the US. It was also the first company to be listed both on the Hong Kong Stock Exchange and the Shanghai Stock Exchange, proving its merit as a major economic player in the banking sector.

2. China Construction Bank Corp.(CCB)

Bank Type	Commercial bank
Assets	$5.0 trillion
No. of Employees	351,252 (approx.)
Headquarters	Beijing, China

Ranking second in the list of China’s biggest banks is China Construction Bank Corporation (CCB) which is also ranked as the second largest bank in the world by market capitalisation banks, with an asset count of $5.0 trillion. CCB has widespread branches, estimated over 15000, all over China and also has overseas subsidiaries in Luxemburg, South Africa, South Korea, the United States, and Australia.

CCB offers deposits, loans, fund management, foreign exchange, and other services to its clients, who range from individuals to enterprises.

3. Agricultural Bank of China

Bank Type	State-controlled Commercial bank.
Assets	$4.9 trillion
No. of Employees	455,174 (approx.)
Headquarters	Beijing, China

Agricultural Bank of China (ABC) was created in 1951 to finance enterprises in rural China soon after the Chinese revolution, however now it has state-controlled capitalisationcorporate and consumer banking services. ABC has almost 25000 branches globally and serves over 3 million business customers.

It is also listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange and is one of the major state-controlled bank’s banks assets state-controlled state-controlled state-controlled banks commercial banks state-controlled state-controlled state-controlled Chinesebanksstate-controlled in China currently helping shape their economy.

4. Bank of China (BOC)

Bank Type	Majority State-owned Commercial Bank
Assets	$4.2 trillion
No. of Employees	306,322 (Approx.)
Headquarters	Beijing, China

Bank of China (BOC), is the second oldest bank that is still in existence having been state-ownedbanksstate-owned and world commercial founded in 1912 as China’s central bank by the then government in rule, becoming a wholly state owned commercial bank. It provides services like corporate banking, personal banking, investment banking, and insurance for its customers.

BOC is also licensed to issue banknotes on behalf of the Government, in two of China’s Special Administrative Regions. BOC has branches in more than 60 countries. BOC has now become a national commercial and foreign exchange professional bankCentral Bank and is one of the most influential players in the Chinese banking sector.

China’s Banking System

We find that Banks in China are highly regulated by the government to ensure financial stability. People’s Bank of China aka the Central Bank and of China used to be responsible for all banking operations in China, but that changed in 1980s when the Chinese government introduced five state-owned banks. The banking system in China currently can be classified into the following types:

S.No.	Bank Type	Specifications
1.	Specialized Banks	Majority state-owned. The Industrial & Commercial Bank of China (ICBC), the China Construction Bank (CCB), the Bank of China (BoC), the Bank of Communications (BoCom), and the Agricultural Bank of China (ABC) are included in this category.
2.	Specific Lending Purpose Banks	Specialize in loans for specific sectors, as the name states. Some examples include the Agricultural Development Bank of China (ADBC), and the China Development Bank (CDB).
3.	Commercial Banks	These types of banks offer checking, savings accounts, loans, and other financial services. Some examples are Baoshang Bank and China Merchants Bank Co. Ltd.
4.	Foreign Banks	Banks based in other countries but do business in China, for example- Citibank, JPMorgan Chase Bank etc.

Conclusion

We find that banks in China are highly regulated by their government to ensure stability and growth and that the four biggest banks aka the “big 4” of China are all state-controlledBig big world’s banks. These banks are evolving and privatizing more with time as the Chinese economy adapts to capitalism.

The world’sworld’s 4 already rank among the worlds top banks in terms of asset holding, and are major economic players in the Chinese banking system. They are so influential that they impact the economy with even little changes to their operation.

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4 Biggest Chinese Banks – FAQs

Which is the oldest bank among the “Big 4” of Chinese banks?

The Bank of China is the oldest among the four biggest Chinese banks, as it was established in 1912.

What is the largest bank in China by assets?

The Industrial and Commercial Bank of China with an asset of $5.7 trillion is the largest among all Chinese banks.

Are all Chinese banks owned by the state?

Although more and more banks in China are starting to opt for privatization, each of the four biggest banks in China remain predominantly state-owned and headquartered in Beijing.

Which is the most important bank in China?

The Industrial and Commercial Bank of China (ICBC) is the largest bank in China by total assets, total employees and total customers, therefore it can said to be the most important bank among the other state owned banks.

How many banks operate in China?

According to a recent survey conducted by Statistica, the number of banking institutions in China reached to 4,561 by 2022.