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Bank of China says it wants to become China’s flagship global lender, and claims that it is already China’s most globalized bank with operations in 61 countries. China’s Belt and Road Initiative, Beijing's worldwide development strategy, has become a large part of the bank’s global push; it has provided $160 billion in financing for 600 Belt and Road projects since the policy launched in 2013. When chairman Liu Liange took over in July 2019, the bank's profits were stagnant compared to the previous year. They've since bounced back—even amid the pandemic—with net income rising 3% in the first quarter of 2020.
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