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December 2, 2009

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Home » Business » Finance

Crisis boosts domestic finance firms' image

CHINESE financial institutions are more favorably viewed following the global credit crisis, according to a survey released on Monday.

Domestic institutions in Shanghai, China's leading financial center, have improved their quality of service much faster than Beijing and Guangzhou, the survey showed.

More than 60 percent of respondents said they felt domestic brands have not been affected by the global credit crisis and a third said they believe the domestic brands are better than before the crisis, a MasterCard survey said.

"China's domestic financial institutions appear to have enjoyed a very favorable change in consumer perceptions resulting from the global credit crisis," said Hedrick Wong, economic advisor, Asia Pacific, MasterCard Worldwide.

One main reason cited for the positive perceptions is that funds deposited or invested with domestic financial institutions were felt to be more secure. Other reasons include the large size of assets managed by these institutions and the strong performance of China's economy.

The survey was taken in August to September with 2,150 respondents in Shanghai, Beijing and Guangzhou.

Regarding quality of service, 40 percent of respondents said foreign institutions provide a better quality of service compared to 34 percent of respondents who felt that Chinese institutions have better service.


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