Investor Presentaiton

Motivation China is second largest economy, biggest trading nation, has largest currency reserves and fastest growing middle class China will be one of the dominant players in global finance Its financial system is in fast transition Financial structure changed dramatically due to fast growth of non-bank finance Credit intermediation outside the formal banking system experienced rapid growth since the global financial crisis Non-bank finance 45% of total social finance (2013) versus Non-bank finance 40% of GDP (2013) versus ~ 0% (2003) ~ 0% (2003)

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