China To Become Global Banking King By 2023 - Report

LONDON - China could leapfrog the United States to become the world's largest banking economy by 2023, 20 years earlier than expected, raising pressure on western banks to brush off the effects of the credit crisis and head east.

According to a report published by consultants PricewaterhouseCoopers (PwC) on Friday, India is expected to leapfrog Japan to rank third in terms of domestic banking by 2035 -- and could pass China as its population rapidly ages.