China Banking Industry to Use More Technological Innovations and Upgrades
The banking industry in China is becoming more vigorous using technological innovations and doing upgrades instead of perishing with the rise of new industries. Compared with e-commerce companies, commercial banks looks conservative and out of fashion. But commercial bankers feel particularly impressed by the evolution of the industries. Some are even impressed on the combination of tradition and innovation as the engine of social progress.
As an example, Bank of China is assisting China’s Conch Group one of the largest cement producer to build around a hundred waste treatment plant where municipal solid waste is disposed by the residual heat of the cement kiln. Using this technology every waste treatment plant can reduce landfill sites, so the cement industry, which is high in energy consumption and high in producing pollution, can be turned in a green economy pioneer. Although the process of industrial transformation is slow especially now as the growth in the Chinese economy is slow.
During a challenging time like this commercial banks should give more attention to traditional companies such as Bank of China which is serving 2.8 million clients worldwide and they are obliged to work with the clients and find ways to combine innovation with tradition.by economic restructuring hopefully brings in substantial business opportunities in China and into the US as both countries is planning to deepen cooperation. Respective strengths should be leveled along with the industrial chain to allow full play to US companies giving them advantage in information technology, new materials and clean energy and at the same time Chinese companies will be given the advantage in market coverage and production technology.
Ford and General Motors announced plans to increase their investment and upgrade production lines in China to meet the need for environmentally friendly vehicles as Bank of China is wiling to give a one stop financial service including supply chain financing and consumer credit solutions.