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China's financial services market in the post-pandemic period 2020–2021: Trends and development prospects

Vol. 27, Iss. 11, NOVEMBER 2021

Received: 14 July 2021

Received in revised form: 3 August 2021

Accepted: 17 August 2021

Available online: 29 November 2021

Subject Heading: Financial system

JEL Classification: E58, G15, G24, O31

Pages: 2575–2605

https://doi.org/10.24891/fc.27.11.2575

Subject. The article addresses the development of the financial services market of China in the context of overcoming the consequences of the COVID-19 pandemic in 2020–2021.
Objectives. The focus is on the specific features, advantages and disadvantages of the complex of modern financial services in China; substantiating the reasons for the high efficiency of China's exit from the post-pandemic crisis in comparison with the leading economies of the world; forecasting the potential threats to the Chinese financial services market due to the active spread of a new strain of coronavirus in May?June 2021.
Methods. The study employs the systems and comparative analysis, using the tabular, graphic and illustrative materials, and current statistical and reported data of international organizations, audit companies, consulting structures and rating agencies in major scientific Russian and foreign publications.
Results. The paper underpins the difficulties of implementing a number of specific features of the financial services market in China from theoretical and practical point of view, presents a prognostic scenario of the Chinese financial services market development in the post-pandemic period.
Conclusions. I conclude on high efficiency and effectiveness of support measures taken by the Chinese leadership to preserve the financial balance and facilitate the restoring of China's financial services in the post-pandemic period, prove the optimistic scenario for the development of China's financial services against the background of economic stagnation and a noticeable weakening of foreign competitors, describe potential threats and weaknesses in unstable global economy.

Keywords: financial services, wealth management, COVID-19

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