In a year marked by the COVID-19 pandemic, the largest Chinese financial institutions maintained their positions as the world's biggest banks by assets, S&P Global Market Intelligence's annual global bank ranking shows.
China's "Big Four" — Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Agricultural Bank of China Ltd. and Bank of China Ltd. — all held their top spots in 2021 as the four largest in the globe. Together, they reported a combined asset value of $17.321 trillion, up 16.88% from the 2020 ranking.
Driven by strong credit growth in 2020, the combined assets of all 19 Chinese banks on the top-100 list grew 17.66% for the period, 10 of which moved up the ranks. Total outstanding yuan loans at Chinese financial institutions reached a fresh record as of 2020-end, up 12.82% from a year earlier, as China pulled ahead of other major economies in recovering from the pandemic while pivoting toward technological self-reliance and net-zero emissions.
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