在中国建立金融科技赋能的私人银行和财富管理机构

Deloitte。

德勤

Banksonthemove

EstablishingFinTechenabledPrivateBanks

andWealthManagersinChina

Managementsummary

Banksonthemove

1

Management

summary

InlinewithChina'seconomic

progressoverthepastdecades,bothpublicandprivatesectorshave

accumulatedanincreasingamountofwealth–tosuchanextentthatwe

believeithasbecomethesecond

largestwealthmanagementmarketinAsiaPacific1.Notsurprising,Chinaisalsosaidtohavethefastestrateofwealthcreationintheworld,coiningfournewbillionairesperweek2.This

resultsinasignificantincreaseinaccessiblebankingassetsin

MainlandChina.

WithforeigncapitalasafocusareaofChina’scurrenteconomic

developmentplan,regulatorshave

takenadditionalstepstowardsalessrestrictedfinancialsector.Forthe

firsttime,foreignfirmsareallowedtoapplyforamajoritystakeinboth

securitiesfirmsandfundmanagers,withoptionalityforfullcontrolby

2020.Thisprovidesincreased

involvementwithkeybusiness

decisions,suchasextensionof

businessscopeandadditional

controloverriskmanagement.

Expectedpolicyadaptionswith

regardtotradeofChinesebondsandacquisitionofChineselistedfirms,

presentadditionalpositivesignstobolsterforeignplayers’hopesforgreatermarketliberalization.

Avarietyofforeignplayershave

commencedeffortstoentertheraceforChineseassets,butarefacing

fiercecompetitionfromincumbents

–largestate-ownedfinancial

institutions,techgiantsandFinTechplayers.Marketentrantsareforcedtodifferentiatebasedoncustomer

experience,productofferingsandbusinessmodel,i.e.smart

eco-systempartnerships.Themarketentrystrategyandinparticularwheretoplayandhowtowin,willultimatelydecideonthedegreeofsuccessin

thelongerterm.

Toformaview,Deloittelookedat

strategiestocompeteasaprivate

bankorwealthmanagerinMainlandChina.WeassessedadvantagesandconsiderationswhenpartneringwithFinTechsaswellascriticalregulatoryconsiderationsandtrendsin

governmentpolicies.Finally,we

lookedatdemographicsand

supportivepolicyinitiativesto

evaluateapotentialstartinglocation.Basedonouranalysis,wehavemadethefollowingobservations:

1.Putclientsattheheartof

yourjourney

Understanding,connecting

andservingcustomersbetterisoneofthekeydifferentiatingfactorsinanenvironmentof

fiercecompetition.Buildingskills

andapplyingtechnologiesto

supportsophisticatedrelationshipmanagementultimatelyputstheclientsatthecoreofthebusiness.

2.PlugintotheFinTechecosystemtoenablespeedandagility

Amodularizedoperatingmodel

allowsforahigherdegreeof

agility,flexibilityandspeed–key

factorstocompeteinChina.Ina

fastpacedandhighlyinnovative

market,newentrantscanonly

competebypluggingintothelocalecosystemandpartneringwith

amixofbest-in-classtechgiants

andinnovativeFinTechs.The

GreaterBayArea(GBA)isoneof

theprimelocationsinthisregard

offeringavarietyofinteresting

aspectsasanewfirm'spotential

preliminarysite.

3.Therapidlyevolvingregulatory

environmentisadding

tocomplexity

TheChineseregulatory

environmentisconstantly

evolving,forcingfirmstohave

aregulatorystrategyinplace

whichcomprisesbothlegalentitystructureconsiderationsand

licensedeliberations.Inordertobesustainable,itmustbealignedwiththebusinessstrategyand

thepotentialfutureproduct

provisioningandlocation.

1Source:DeloitteResearch.

2Source:HurunReport.

Banksonthemove|Putclientsattheheartofyourjourney

2

Putclientsattheheartof

yourjourney

TheallureoftheChinesefinancialmarketiswidespreadandindisputable,whichinturncreatesanenvironmentoffiercecompetition;newmarketparticipantscompetenotonlyagainstincumbents,mainlystate-ownedfinancialinstitutions,

butalsoagainstbothcurrenttechgiants3andemergingFinTechplayers.Suchanenvironmentrequirescompellingandelaboratestrategiesonhowtodifferentiateandultimatelyhowtowin.

Wehaveevaluatedthreepotentialcollaborativestrategiesinternationalplayersmightadopttodifferentiatefromthecompetition;providingenhancedcustomerexperience;winthroughsmartproductprovisioningandprepareforanonshore/offshoremodel.

Clientcentricityleadingtoenhancedcustomerexperience

Gainmarketsharebyprovidinganenhancedcustomerexperiencethroughcustomizedservicesandrelationshipmanagement.

Enhancingtheexperience

Example

Connectwithclientsthroughsophisticatedrelationship

management

Obtainforwardlookingcreditevaluationsbyusingartificialintelligence(AI)onacomprehensivesetofinternaland

externaldata

Createvaluethroughbetter

Extractpropensitypredictionsonproductchoicesand

customerunderstanding

investmentstrategiesbycreatinga360degreeviewofthecustomerviabigdataanalytics

Capturereturnsthroughadvanceddeliverymethods

Enhancerobo-advisorytoextractandpairmarket

sentimentswithexistingcustomerriskprofilestoprovideinformed,customertailored,investmentadvice

Smartproductprovisioning

Competebasedonproduct,byofferingeitherafullsuiteofhome-grownproductsacrossassetclassesorbyadepthoftargeted,specificproductsdifferentiatedinthemarket.Inaddition,

itsrecommendedtoleverageone’sowndistributionchannelasareferralhubforadjacentproductse.g.useexistingsaleschannelstocross-sell.

3Additionaldetailscanbefoundinthesection"ChineseTechGiantsataGlance".

Banksonthemove|Putclientsattheheartofyourjourney

3

Prepareforonshore/offshoremodel4

Capitalizeonglobalcapabilitiestoprovidecross-borderinvestmentopportunitiesinChinaby

eitherleveragingtheestablishedproductplatformforChineseclients,orleveragingtheliquidityoffshoreforglobalcashmanagement,e.g.HongKongbeingthelargestCNHclearingcenter

managesliquidityrisk.

Whileeachmarketparticipantmightchooseaspecificstrategy,oracombinationthereof,webelievethatthewinnerswilldevotetheireffortstoenhancedclientcentricityinordertocreatetruedifferentiationinthemarket.Itremainscriticaltobuildmodularityinpropositionaswellasentitystructureandplatforminordertoprepareforapossibleonshore/offshoreproductmodelinthefuture.

4Bothoutlinedsub-strategiesarestilllimitedbycurrentregulationsandshouldbelookedatasstrategicoptionsforthefuture.

Banksonthemove

PlugintotheFinTechecosystemtoenablespeedandagility

4

PlugintotheFinTech

ecosystemtoenablespeedandagility

Financialinstitutionsnowadaystendtoimplementmoremodularizedvaluechains,buildingacoreplatformandusingApplicationProgramInterface(API)layerstotapintoadvancedcapabilitiesfromthird-partypartners,asappropriate.AlthoughtheChineseFinTechecosystemisvastandchangeisinherent,wepickedafewillustrativeareasalongthecustomerjourney,wherepartneringwilllikelybebeneficial:

Leveragedataanalyticstotargettherightcustomer

Exponentialincreaseintechnologyand

computingprowesshasspurredthe

advancementofdataanalytics.Bankshavehistoricallyusedstructureddataforavarietyofusecases,butnow,increasinglytap

intounstructureddata,toharnessitstruepower.WhileenteringChina,dataisthe

"currency"thatbanksneedtousetotargettherightcustomer,offertherightproductsandservicesaswellasprovidetheright

experiencethecustomersdemand.Advanceddataanalyticsprovidecompetitiveadvantagessuchas:

•identifyinghigh-potentialprospectsandcustomers,

•measuringcustomerandproductprofitability,

•improvingspecificelementsofproduct–offer,price,channel,etc.,

•managingfraudeffectively,and

•increasingtransparencyintoriskexposure.

Instantonboardingasnecessity

Oncetherightcustomersegmentshave

beenidentifiedandtargeted,apromptandseamlessdigitalonboardingisessential

tocreateapositiveupfrontexperience.Manylocalcustomersareusedtoinstantgratificationandtheseamlessexperience

ofpaymentapps.Assuchitisnecessary

toleveragestate-of-the-arttechnologiestocompleteKnow-Your-Customer(KYC),sourceoffundproof,credit-underwritingandfrauddetectioninaverytimelymanner.

Banksonthemove

PlugintotheFinTechecosystemtoenablespeedandagility

5

Choiceofplentyoversinglesource

TheChinesedigitaluserisverycomfortableinconfiguringtheirproductchoicefroma

vastproductmarketplace,insteadofasinglebrandedprovider.Ecosystemscreatedby

giante-commerceportalshavebecomemainstream,notonlyforretailproducts,butallsortsofservices,includingfinancialproducts.

Lackofacceptanceforlongcustomer

visions5.Thesetech-savvycustomersare

servicetime

expectingseamlessinteractionsthroughtheir

TheChineseconsumerhascommencedon

mobileandonlinechannelsandnolonger

ajourneytowardsaself-servicemodel,with

tolerateturnaroundtimeexceedinga

supportfromuserinterfacesthat"delight",constantlyavailablechatbots,andcomputer

fewseconds.

Portfoliomanagementasastartingpoint

Inanenvironmentofongoingderegulationandstillsomewhatlimitedproductoffering,portfoliomanagementwillbethestartingpointofmostnewbankingrelationships.

Inthisregard,analyticswillagainbecomeakeydifferentiatingfactor,providing

valuableinsightsto,forinstance,marketrisk,concentrationriskandinterestraterisk.ThewideadoptionofsocialmediainChinais

providingavaluablesourceofBigDataforsentimentanalysis,whichisakeydriverinmanyRobo-Advisoryplatforms.

ChineseTechGiantsataGlance

TechgiantssuchasBaidu,Alibaba,TencentandJingdong(BATJ),tonameafew,havetransformedtostrong

playersinallofthefieldsmentionedinthiswhitepaper;notonlyhavetheybuiltamassivecustomerbase

withhundredsofmillionsofKYCrecords,buttheyhavealsodeployedscalablecloud-basedinfrastructure,

supportingtheirproductmarketplaces,capableofprocessinghightransactionvolumes.Theavailabilityof

significanttrainingdataintheireco-systemsincludingpopularsocialmediachannels,allowsforsophisticationinAI,analyticssolutionsandsentimentanalysis.

5Computervisionisascientificfieldfocusingonhowcomputersgainunderstandingfromdigitalimagesorvideos.

Banksonthemove

PlugintotheFinTechecosystemtoenablespeedandagility

6

Despiteallthepotentialinthe

FinTechecosystem,aforeignplayermustundergothoroughselectioncriteriaandconductduediligencetocollaboratewithalocalpartner.Considerationsinclude:

•Geographicallocationand

reachofmainoperations:giventhefragmentationoftheChinese

market,aforeignprivatebankor

wealthmanagerwillunlikelyoperateallovertheMainland.Different

technologycompanieshave

differentgeographicalrootsand

thereforecoveragealignmentmustbeconsidered.

•Protectionofdataand

intellectualpropertyrights:whileabankmightenjoystate-of-the-artcapabilityofferedbyapartner,

customerdataaswellasbusinessknow-howthroughthecollaborationmightbecapturedandstored.

•Opennessandinteroperability:

manytechgiantsoperatetheir

ownversionofkeytechnologies,

suchasa"black-boxAIengine"ora"proprietaryblockchainplatform".Inthefuture,usersofsuchservicesmightbecomecaptivecustomers,

becauseamovetocompetitor

platformsmightbechallenging.

Havingthecapabilitytoorchestratein-houseandpartnerdeveloped

API,aswellasintegrationwithgrouptechnologystack,willallowforreal

timedataexchangeandhenceforhigherflexibility.

•Regulatorypreference:although

thechoiceoftechnologyoffering

mightbeabundant(fromfront-endchannelplatformstoback-endcorebankingplatforms),mostregulatorsremainconservativeandwillonly

allowusageofmoretraditional

andmarketprovensolutions.For

instance,marketentrantswho

attempttochooseaparadigm

shifting,novelcorebankingengine,mightexperiencelengthyregulatoryapprovalnegotiations.

Whiletheaboveareallcrucial

deliberations,thepathtowin,pointstowardsfruitfulcollaborationswith

localpartners.Thismightofferbenefitssuchasgreatercustomerretention,

newformsofrevenuegeneration

andsharingofcosts.Additionally,amodularizedoperatingmodelallowsforahigherdegreeofflexibilityandspeedandbecomesanecessityin

anyfast-pacedandhighlyinnovation-drivenmarket.InChina,asaprimeexample,newmarketentrantscan

onlycompetebypluggingintothe

localecosystemandpartneringwithamixofbest-in-classtechgiantsandinnovativeFinTechs.However,not

insignificantrisksmustbetakenintoaccount,suchaspotentiallossof

customerinterfaces,datasecurity,reducedmargins,lossofcontrolorlossofbrandidentity.

Banksonthemove|Spotlight:GreaterBayArea

7

Spotlight:GreaterBayArea

GBA6coversHongKongandMacaualongwithninecitiesinChina'sGuangdongprovince.Anamalgamationof

threedifferentjurisdictionsintooneeconomiczone,combinedwiththehighestdensityofhighnetworthindividuals(HNWI)andanoutburstofFinTechcompanies,makesitanattractivehubforinternationalbankingplayers.7

Figure1–GBALocation

Guangzhou

FoshanDo

Zhaoqing

Shanghai

ZhongshanShenzhen

Jiangmen

HongKong

ZhuhaiMacau

HNWPopulation

1.16M

Beijing

0.26M22%

GBALocation

Figure2–GBADemographics9

China

GBA

%

GDP(US$)

12.2T

1.5T

12%

Total

Population

1.3B

70M

5%

RestofChina

GBA22.01%

50.54%

Beijing14.79%

Shanghai12.66%

WhatmakesGBAunique?

•Favorabledemographics–GBAisbringingover

69millioninhabitantstogether,makingitoneofthemostdenselypopulatedbayareasintheworld.Whileononehandithasthehighestconcentrationof

HNWI8withinChina,ontheother,wealthisunevenlydistributed,therebycreatingopportunitiesfor

financialinclusionproducts.

•Amalgamationofuniquecharacteristics–Eachofthe11citiesofGBAareuniquelyspecialized,

andwhencombinedtogether,offersynergiesforbankingoperations.Forinstance,HongKongistheinternationalfinancialcenterandcanmanufacturefinancialproductsforabank.Shenzhenisthe

siliconvalleyofChinawithFinTechcompaniesthatfinancialinstitutionscanpartner.Macauhasthe

world'shighestGDPpercapita,hencemightprovideinvestablefunds.

•Infrastructureinvestments–GBAhasamature

infrastructuretofacilitatebothdomesticand

internationalmobilityofproductsandpeople.One

exampleistherecentlaunchofthehighspeedrailtoincreaseconnectivityfromChinatoHongKong,whichcreatesasenseofproximityandinterconnectivity.

•Adoptionoftechnologicalinnovations–While

amatureinfrastructureandunevendistributionof

wealthfacilitatesproduct,people,andcapitalflows,thethreedifferentjurisdictionswithdifferentsystemsoflawsandregulationsdisrupttheseamlessflows

ofinformationacrossboundaries.Nonetheless,

enterprisesspecializinginFinTechstrategiesarebridgingthisgapinGBA.Forinstance,DistributedLedgerTechnology(DLT)isfacilitatingcrossborderKYCwithoutbreachingdataprotectionlaws.

6GBAcitiesincludeHongKong,Macau,Guangzhou,Shenzhen,Zhuhai,Foshan,Zhongshan,Dongguan,Huizhou,JiangmenandZhaoqing.

7MoredetailsonGBAcanbefoundinDeloitte'sThoughtLeadership–"FinTechStrategyfortheGreaterBayAreainChina"and"DecodingtheOutlineDevelopmentPlanfor

Guangdong-HongKong-MacaoGreaterBayArea(GBA)."

8HNWIisdefinedashouseholdswithinvestableassetsofoverUSD1.5million.

9Source:DeloitteResearch,HurunWealthReport2018.

Banksonthemove

Therapidlyevolvingregulatoryenvironmentisaddingcomplexity

8

Therapidlyevolving

regulatoryenvironmentis

addingcomplexity

TherapidgrowthofChina'sfinancialservicesindustryandrecenteffortsaroundliberalizationhaveledtoacomplexand

rapidlyevolvingregulatoryenvironmentthatrequiressignificantinterpretation.Withnumerousregulatorse.g.thePeople'sBankofChina(PBOC),ChinaBankingandInsuranceRegulatoryCommission(CBIRC)andChinaSecuritiesRegulatory

Commission(CSRC)aswellasevolvingregulations,therearemultipleoptionsfornewmarketentrants,settinguptheirlegal

entitiesandbelicensedtosellproducts.Carefulconsiderationofthevariousstructures,entitiesandlicensesisrequiredalongwithstrongrelationshipswiththerelevantregulatorstomaintainanopendialogue,gainapprovalforstructuresthatmaynothaveexistedinthemarketandprovideawindowintohowthingswillevolve.

Legalentitystructureoptionsshouldbelookedatinthewidercontextofthefirm’sglobalset-up,strategyfortheChinesemarketandrespectivetaxassessmentsforthelongterm.Dependingonthedeterminedscopeofproductsandservices,entityoptionscanvaryamongwhollyforeignownedenterprises(WFOE),JVsaswellassubsidiariesorbranchesofexistingChinaentities.

Licensingconsiderationsandoptions,shouldbealignedwiththebusinessstrategy,locationstrategyaswellaswiththefutureproductprovisioningandtimelines.Keylicensingconsiderationsforforeigninvestedsecuritiesfirms,commercialbanks,futurebrokersand/orfundmanagers,areoutlinedbelow:

ForeignInvestedSecuritiesFirm

Aforeigninvestedsecuritiesfirmrequires

alicensefromCSRCtooffersecurities

brokerage,investmentbankingorinvestmentadvisoryservices,ortoengageinproprietarytrading.

•IttakesCSRCuptosixmonthstoreviewandapproveorrejectanapplicationto

establishaforeigninvestedsecuritiesfirm.

Withinsixmonthsofreceivinganapproval,shareholdersarerequiredtomakecapitalorin-kindcontributions,appointdirectors,havesupervisorsandseniormanagementinplace,andapplyforandobtaina

businesslicense.Within15businessdays

ofobtainingthebusinesslicense,thenewlyestablishedsecuritiesfirmshallapplyforasecuritieslicensefromCSRC.CSRCwill

thendecideonissuingalicensewithinanother15businessdaysafterreceivingtheapplication.

•Theinitialbusinessscopeofaforeigninvestedsecuritiesfirmmustmatchthesecuritiesbusinessexperienceofits

controlling/largestshareholder.

•Aforeigninvestedsecuritiesfirmmayalsoapplyforapublicfundmanagementlicenseorberegisteredasaprivatefundmanager.

Banksonthemove

Therapidlyevolvingregulatoryenvironmentisaddingcomplexity

9

ForeignInvestedFuturesBrokerageFirm

Aforeigninvestedfuturesbrokeragefirm

approvedbyCSRCmayengageincommoditiesfuturesbrokeragebusiness,andmayalso

applyforqualificationstoengageinfinancialfuturesbrokerage,offshorefuturesbrokerageandfuturesinvestmentadvisoryservices.

•IttakesCSRCuptotwomonthstoreviewandapproveorrejectanapplicationto

establishafuturesbrokeragefirmoran

applicationforaqualificationtoengageinfinancialfuturesbrokerage,offshorefuturesbrokerageorfuturesinvestmentadvisory

services.

•Afuturesbrokeragefirmmayalsoapplyforapublicfundmanagementlicenseorbe

registeredasaprivatefundmanager.

ForeignInvestedFundManager

AforeigninvestedpublicfundmanagerrequiresalicensefromCSRCtodistributeandmanagepubliclyofferedsecurities

investmentfunds.

IttakesCSRCuptosixmonthstoreviewandapproveorrejectanapplication

toestablishaforeigninvestedfund

managementcompany.Within30daysof

receivingtheapproval,theapplicantshallapplyforandobtainabusinesslicensefromthecompanyregistrationauthorityandafundmanagementqualification

certificatefromCSRC.

•AforeigninvestedprivatefundmanagerneedstoberegisteredwiththeAsset

ManagementAssociationofChina.

WealthManagementSubsidiaryof

ForeignInvestedCommercialBank

Aforeigninvestedcommercialbankmayestablishawealthmanagementsubsidiarytodistributeandmanagepubliclyor

non-publiclyofferedwealthmanagement

productsandtoprovidewealthmanagementconsultingandadvisoryservices.

•Ittakesuptofourmonthstoreceive

permissionfromCBIRCtoestablishawealth

managementsubsidiaryplussixmonths

preparationperiod(canbeextendedforuptothreemonths)anduptotwomonthstoreceivepermissiontoopenthebusiness.

•Aninvestoranditsaffiliatesmaycontrolnomorethanonewealthmanagementsubsidiaryorhavenon-controllingequityinnomorethantwowealthmanagementsubsidiaries.

Oneoracombinationoftheabovementionedlicensesmightberelevant,dependingontheoverallbusinessstrategy.AplayeralreadypresentinChinaneedstoassessifitsexistinglegalentitiesand/orlicensescanbereusedoranewset-upisrequired,whichcanalsodependonthelocationchoicetobuildupthenewventure.Inordertodoso,oneneedsto

evaluatetheservicesofexistingentitiesandrespectivelicensesagainstitsfuturebusinessmodel,tounderstandiftheyarecomplementaryorconflictingandiftheysupportthetargetedlocations.

Banksonthemove

Tyingeverythingtogether

10

Tyingeverythingtogether

WhenexploringoptionstoestablishaprivatebankorawealthmanagerinMainlandChina,theoverallstrategyshouldconsistofthefollowing

buildingblocksbasedonfoundationalelementsofcustomercentricity:

.ablueprintonwheretoplayandhow

towin,

.aFinTecheco-systemevaluationandcollaborationstrategy,and

.athoroughassessmentoftheregulatoryenvironmentandarespectiveactionplan.

Byputtingclientsattheheartoftheirjourney,awinningfirmwillbeable

tounderstand,connectandserve

customersbetterandultimatelycreatevalueandcapturereturnsforthem

inamoresophisticatedway.SuccessintheChinesemarketwillfurther

bedependentontheabilitytobuildagilityintotheoperatingmodeland

enableinterconnectivitywiththelocalFinTecheco-system.Thiswilldrive

newformsofrevenuegeneration,

sharingofcostsandgreatercustomerretention.Inaddition,athoroughandcontinuousregulatoryassessment

aswellasaregulatorystrategywill

ensurecompliancewithlocallawsandregulations,inaconstantlyevolving

environment.

TolearnmoreaboutDeloitte's

advisoryservicesonFinancialServicesStrategy,FinTechStrategyaswellas

LegalandRegulatory,pleasecontactourspecialists.

Banksonthemove|Authors

11

Authors

DavidWu

ViceChairman

FinancialServicesIndustryLeaderDeloitteChina

davidwjwu@

+861085125999

MorganDavis

ManagingDirector

FSIConsultingLeader,HongKongDeloitteChina

morgandavis@.hk

+85261629955

Dr.PaulSin

Partner

FinTechConsultingLeaderDeloitteChina

psin@.hk

+85296252427

ChristianGilmour

ExecutiveDirector

APACWealthManagementLeader

DeloitteSingapore

cgilmour@

+6598300251

ZhenHan

Partner

ChinaLegalandLicensingStrategyDeloitteChina

zhenhan@

+861085207708

PatricNiffeler

SeniorManager

BankingStrategy

DeloitteSwitzerland

pniffeler@deloitte.ch

+41796988637

Contributors:ArpitArora,FrankieCheung,SoumiDatta,PhaniMadupalliandJeffreyLee

12

Banksonthemove|Endnotes

Endnotes

1.HurunReport.

HurunGlobalRichList2018

.

2.HurunReport.

HurunWealthReport2018.

3.DeloitteChina.

DecodingtheOutlineDevelopmentPlanforGuangdong-HongKong-Macao

GreaterBayArea(GBA).

4.DeloitteChina.

FinTechStrategyfortheGreaterBayAreainChina.

5.DeloitteCenterforFinancialServices.

2019InvestmentManagementOutlook–Amixof

opportunityandchallenge.

6.DeloitteSwitzerland.

Ecosystems2021–wasbringtdieZukunft?–Gestalltungund

PositionierungderFinanzIndustrie.

7.NationalBureauofStatisticsofChina.

NationalandRegionalData

.

8.NationalDevelopmentandReformCommissionPeoplesRepublicofChina.

The13thFive-YearPlanfor

EconomicandSocialDevelopmentofthePeople'sRepublicofChina.

9.TheWorldbank.

ChinaGDPandPopulation

.

13

Officelocations

Beijing

Harbin

Shenyang

12/FChinaLifeFinancialCenter

Room1618,DevelopmentZoneMansion

Unit3605-3606,Forum66OfficeTower1

No.23ZhenzhiRoad

368ChangjiangRoad

No.1-1QingnianAvenue

ChaoyangDistrict

NangangDistrict

ShenheDistrict

Beijing100026,PRC

Harbin150090,PRC

Shenyang110063,PRC

Tel:+861085207788

Tel:+8645185860060

Tel:+862467854068

Fax:+861065088781

Fax:+8645185860056

Fax:+862467854067

Changsha

Hefei

Shenzhen

20/FTower3,HCInternationalPlaza

Room1201TowerA

13/FChinaResourcesBuilding

No.109FurongRoadNorth

HuaBangICCBuilding

5001ShennanRoadEast

KaifuDistrict

No.190QianShanRoad

Shenzhen518010,PRC

Changsha410008,PRC

GovernmentandCultural

Tel:+8675582463255

Tel:+8673185228790

NewDevelopmentDistrict

Fax:+8675582463186

Fax:+8673185228230

Hefei230601,PRC

Tel:+8655165855927

Suzhou

Chengdu

Fax:+8655165855687

23/FBuilding1

17/FChinaOverseas

GlobalWealthSquare

InternationalCenterBlockF

HongKong

88SuHuiRoad,IndustrialPark

No.365JiaoziAvenue

35/FOnePacificPlace

Suzhou215021,PRC

Chengdu610041,PRC

88Queensway

Tel:+8651262891238

Tel:+862867898188

HongKong

Fax:+8651267623338/3318

Fax:+862863173500

Tel:+85228521600

Fax:+85225411911

Tianjin

Chongqing

45/FMetropolitanTower

43/FWorldFinancialCenter

Jinan

183NanjingRoad

188MinzuRoad

Units2802-2804,28/F

HepingDistrict

YuzhongDistrict

ChinaOverseasPlazaOffice

Tianjin300051,PRC

Chongqing400010,PRC

No.6636,2ndRingSouthRoad

Tel:+862223206688

Tel:+862388231888

ShizhongDistrict

Fax:+862283126099

Fax:+862388570978

Jinan250000,PRC

Tel:+8653189735800

Wuhan

Dalian

Fax:+8653189735811

Unit1,49/F

15/FSenmaoBuilding

NewWorldInternationalTradeTower

147ZhongshanRoad

Macau

568JiansheAvenue

Dalian116011,PRC

19/FTheMacauSquareApartmentH-N

Wuhan430000,PRC

Tel:+8641183712888

43-53AAv.doInfanteD.Henrique

Tel:+862785266618

Fax:+8641183603297

Macau

Tel:+85328712998

Fax:+862785267032

Guangzhou

Fax:+85328713033

Xiamen

26/FYuexiuFinancialTower

UnitE,26/FInternationalPlaza

28Pearl