The United States continues a path of gradual recovery, despite the budget “sequester” and the divisive debate about the debt ceiling. The recovery is more gradual than policymakers there would like but that often is the nature of things after a financial crisis. China is growing at a solid pace, about in line with policymakers’ announced intentions, despite concerns it might slow more sharply.
Page 4 of 7  In particular, digitalization may enable non-bank service providers to encroach into the market for some of the key services offered by banks. For example, telecom companies can offer payment services through mobile money.