P I N G A N B R I N G S M O D E R N F I N A N C E TO C H I N A 205 The Future The disaster had a sobering effect on Peter Ma's ambitions to extend the company internationally, but he remained determined not to retreat from his original vision. Ping An remained commit- ted to becoming a financially integrated international leader. Ping An had financial licenses in life, property, pension, banking, securi- ties, and trust insurance. The banking unit sold credit cards to exist- ing insurance clients at very low cost. The company intended to sell banking and investment services to its 50 million customers with a one-stop shopping model. It also expected its banking, asset man- agement, and insurance operations to each contribute a third of its total profits within a decade. Louis Cheung, the president of Ping An, said Ping An would succeed in bancassurance because it had developed each facet of the business. "Universal banking is dead," he said, "but we are different. We built each of our businesses from scratch, and we have a young client group that continuously expanded during the process." Insights China's service sector still accounts for only an estimated 43% (source: CIA World Fact Book for 2011) percent of China's GDP, far behind the world average of 63.2 percent as of 2010 (source: CIA World Factbook 2011). A number of factors promise to make the service industries the fastest growing sector in China's economy. The growth in services will accelerate with China's urbanization, and China's new middle class is likely to become a major consumer of services. With China's accelerated integration with the rest of the world, China will need to develop its skills in the areas of account- ing, management consulting, and law in order to bring itself in line with international standards. The Chinese government has adopted a new strategic policy to drive China's economy by encouraging American Management Association / www.amanet.org