Consolidate Achievements, Innovate, and Navigate Wisely

In this report, the Deloitte China FSI research team reviews economic and financial developments, analyzes the performance and business operations of Chinese listed banks in 2024, discusses a host of hot topics, and provides an outlook of the macro economy and banking sector in 2025. Taking 11 representative commercial banks in China as samples, the report also provides an overview of the Chinese banking sector's achievements in 2024 and identifies key development trends based on a systematic analysis of the profitability, assets, liabilities, and capital positions of listed banks. It also gives an overview of business development, operating models, and regulatory changes in the sector. To help China's financial institutions position themselves properly on the international stage and draw on the best practical experience of their international peers, the report also analyzes six foreign Global Systemically Important Banks (all ranking among The Banker's top 20 in 2024).

The report provides an in-depth analysis of practical progress in key areas such as inclusive finance, retail banking, real estate credit, net-value based wealth management transformation, and digital financial service ecosystems based on business and technology integration in 2024. In addition, the report takes a deep dive into a host of industry hot topics, including the application of AI technology in the banking sector, AI risk management and governance, banking cost reduction and efficiency improvement, digital supervision and data security management, rural revitalization practices, and tax compliance and institutional optimization. We believe this report will provide valuable reference for domestic commercial banks to contribute to in-depth institutional reforms, control and resolve risks, and enhance value creation and sustainable development capabilities, highlighting the new-era financial blueprint with Chinese characteristics drawn by the Central Financial Work Conference.

Contents

1. 2024 economic and financial sector review

2. Annual performance analysis of listed banks in 2024

2.1 Profitability

2.2 Assets

2.3 Liabilities

2.4 Capital position

3. Observation of listed banks' business in 2024

3.1 Quantity to quality: technological risk control and common

prosperity amid inclusive finance credit slowdown and cost

reduction

3.2 Scale to efficiency: commercial banks tackle retail challenges in

resident debt cycles and advance transformation through "smart"

strategies

3.3 Policy to practice: commercial banks' credit support facilitates

real estate restructuring

3.4 Net value-based transformation promotes high-quality

development of wealth management subsidiaries

3.5 Integration of business and technology creates digital financial

service ecosystems

4. Hot topics

4.1 Technological singularity to resilient growth: GenAI in banking

during the rise of DeepSeek: "different paths", "same destination"

4.2 Improving quality, reducing costs and increasing efficiency—

Commercial banks' post-pandemic strategies

4.3 AI governance system and capacity building in the banking sector

4.4 Observations and practices of Generative BI in financial

institutions—The application of data in AI intelligence

4.5 Verification of AI models in the banking sector

4.6 "One table" opens up a new era of digital supervision

4.7 Analysis of key compliance points under the Administrative

Measures for Data Security of Banking and Insurance Institutions

from an internal audit perspective

4.8 Difficulties in serving rural revitalization for banking and financial

institutions

4.9 Tax legislation promotes VAT restructuring in banking—Tax

compliance challenges and institutional optimization

5. 2025 macroeconomic and banking outlook