China now has 7 of world’s 10 biggest banks as Beijing’s financial ambitions grow

China’s “big four” state-run banks are the largest in the world in terms of asset scale, a new report has found, underscoring Beijing’s rising ambitions to build the country into a global financial powerhouse. The ranking released by The Banker magazine on Wednesday was topped by the four Chinese banks – Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and Bank of China – with JPMorgan Chase following in fifth place. In total, Chinese banks made up...