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In China, Traditional Banks Fight Challenge From Internet Firms

China's online finance companies, including Alibaba and Tencent, are competing fiercely with China's traditional banks, which are adapting to the new marketplace. The online firms have lent out substantial sums that they raised from Hong Kong and New York stock markets. But the traditional banks are competing for customers by shifting 80 percent of their retail business to their own online platforms. Internet companies lent more than $150 billion to customers in...

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