A report by Boston Consulting Group (BCG) says China represents the second largest market in Asia excluding Japan, with about US$1.44 trillion in assets being managed for wealthy individuals defined as those whose annual income is above US$100,000.
BCG s survey of retail banks reveals that the average private banking customer car. be 10 times more profitable than an average mass market retail customer，a atatistic banks are paying increasing attention to the wealthy.
(56)Facing the emerging wealth management market，Chinese banks have made impressive headway in the creation of new wealth management products and services. There are now more than 20 kinds of wealth management products on offer at the State-owned big four banks and national joint-stock banks. The China Eerbright Bank’s November 2005 financial report shows a 20 billion yuan (US$2.5 billion) wealth management revenue,up 50 percent over last year.
Chinese banks, especially the State-owned big four, have inherent advantages in wealth management.(57)They have a large customer base and an extensive service network that offers customers accessibility and convenience.Managers at the big banks also tend to have a good relationship with local customers.
However，analysts believe that，althoughthe level of personal assets held in financial institutions in China is significant, wealth management products and services offered by Chinese banks are still relatively unsophisticated.
Deng Junhao,vice president and director of BCG points outthat China’s typical wealth management offering as more “hardware” than “software”.
(58)Key issues that continue to stymie domestic banks’ progress include a lack of properlv-trained managers,limited differentiation of customers,limited products and similar brands.
Despite having 20 kinds of products to choose between, there is actually little separating them. Brands do not have a sufficiently unique or differentiated product to target specific types of customers.
Competitive threat
There is only one year left until the Chinese banking market is fully liberalized and foreign institutions are able to serve individual customers in renminbi-based business.
(59)Foreign banks have already experimented and learned about the market despite regulatory limitations over the type of businesses they can operate. Standard Chartered Bank has offered an “SC Priority Banking” card for customers with quarterly average account balances of US$100,000 or the equivalent, while Citibank has launched its “Citigold” product for customers with monthly average account balances of US$100.300 or the equivalent.Both banks have set up dedicated wealth management centres in key cities such as Beijing, Shanghai and Shenzhen.
Foreign banks have many competitive advantages over local banks including brand names with internationally recognized prestige and trust, experience and expertise in a broader range of investment products and advisory models， established operational models, particularly processes,systems andpolicies, and capabilities to attract, train and retain the best talent.
(60)Foreign banks will create tough competition in the wealth management market, as they enter the retail market and attempt to pick the most attractive customers. Unless Chinese banks can respond, there is a real and significant threat that many wealthy customers will be lured away by the highly-evolved products and services foreign banks canoffer.(China Daily 12/19/2005 page 4)
Facing the emerging wealth management market,___.
A、Chinese banks created more wealth management products
B、private banks provide the best services to attract the customers
C、national joint-stock banks have controlled the market
D、China Everbright Bank became the leader in the competition
【正确答案】：A
【名师解析】:题目要求解析的是填空题，题目内容是关于中国财富管理市场的兴起以及中国银行在这一领域所取得的进展。根据文章内容，中国银行在财富管理产品方面取得了显著进展，特别是国有四大银行和股份制银行，提供了超过20种财富管理产品。文章提到了中国光大银行2005年11月的财务报告显示，其财富管理收入达到200亿元人民币，比上一年增长了50%。这些信息支持了选项A，即中国银行创造了更多的财富管理产品。
文章还指出，尽管中国银行在财富管理方面取得了进展，但与外国银行相比，其产品和服务仍然相对不够成熟。此外，中国银行在管理人才、客户差异化、产品多样性和品牌区分度等方面存在不足。然而，尽管面临挑战，中国银行在客户基础和服务网络方面具有固有优势，这有助于它们在竞争中保持竞争力。
最后，文章提到外国银行已经在中国市场上进行了实验，并了解了市场，尽管存在监管限制。外国银行在品牌、投资产品和咨询模式、运营模式、吸引和培养人才的能力等方面具有竞争优势。这表明，随着中国市场的全面开放，外国银行将在中国的零售银行业务中创造激烈的竞争，尤其是针对最有吸引力的客户群体。
综上所述，正确答案是A，即中国银行创造了更多的财富管理产品，以应对财富管理市场的兴起。