China’s Banking Sector Collapses! Over a Thousand Branches Shut Down, up 30% Annually

China’s economy is in a downturn, with financial risks continuously rising, and the banking sector is experiencing a significant impact. Along with layoffs and salary cuts, a wave of bank closures is hitting the country. According to official data from the Chinese Communist Party, 1,257 banking branches have exited the market in the first five months of 2024, a 30% year-on-year increase.
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