{"product_id":"cmbchina-pestle-analysis","title":"China Merchants Bank PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eYour Competitive Advantage Starts with This Report\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eExplore how political shifts, economic cycles, and technological innovation are reshaping China Merchants Bank’s growth trajectory and risk profile—our concise PESTLE snapshot highlights the critical external forces you need to know; purchase the full PESTLE for a detailed, actionable roadmap to inform investments, strategy, and competitive planning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAlignment with National Development Strategies\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChina Merchants Bank aligns with the 14th Five-Year Plan by directing credit toward strategic emerging industries; by 2024 CMB reported a 12% year-on-year increase in corporate loans to high-tech and green sectors, totaling roughly CNY 480 billion, prioritizing high-tech manufacturing and renewables to support industrial self-reliance and maintain regulatory favor.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeopolitical Trade Tensions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eOngoing trade disputes and investment restrictions between China and Western economies have reduced cross-border settlement volumes, with Chinese outward FDI to OECD countries falling 23% to $61.7bn in 2023, pressuring CMB’s international fee income. CMB faces complex sanctions and compliance costs as clients shift supply chains—global trade realignments cut some corporate transaction flows by an estimated 12–18%. To diversify geopolitical risk, CMB is expanding lending and payment corridors in Belt and Road and RCEP markets, where trade growth averaged 5.6% in 2024, aiming to offset Western exposures.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eState-Led Financial De-risking\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe Chinese government’s push to prevent systemic risk has tightened oversight on shadow banking and high‑leverage sectors; CMB faces NFRA‑mandated capital adequacy and liquidity norms—CET1 targets around 10.5% and LCR \u0026gt;100% in 2024—plus enhanced disclosure rules. Political pressure improves systemic stability but constrains CMB’s ability to pursue high‑yield, high‑risk lending, compressing net interest margins and fee‑income growth.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCommon Prosperity Initiatives\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe government's Common Prosperity push reshapes China Merchants Bank retail strategy, prompting growth in mass-market channels and wealth-management products aimed at middle-income clients; CMB reported 2024 retail deposits up 8.2% YoY to RMB 5.6 trillion, reflecting wider customer base expansion.\u003c\/p\u003e\n\u003cp\u003eCMB is launching affordable financial products and micro-wealth offerings while boosting SME lending in central and western regions; SME loan balance rose 12% YoY to RMB 620 billion in 2024 to support regional equity.\u003c\/p\u003e\n\u003cp class=\"lst_crct\"\u003e\u003c\/p\u003e\n\u003cli\u003eRetail deposits 2024: RMB 5.6 trillion (+8.2% YoY)\u003c\/li\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSupport for the Real Economy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003ePolitical directives require banks to channel low-cost credit to the real economy; by end-2025 CMB reported 62% of new corporate loans to manufacturing, agriculture and SMEs, aligning with Beijing’s growth targets.\u003c\/p\u003e\n\u003cp\u003eCMB has rebalanced lending away from speculative real estate and financial recycling, cutting property exposure to 18% of loans in 2025 versus 24% in 2022.\u003c\/p\u003e\n\u003cp\u003ePolicy-driven lending supports macro stability but compressed net interest margin to 1.95% in 2025, down from 2.15% in 2022, pressuring profitability.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e62% new corporate loans to productive sectors (2025)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCMB shifts lending to productive sectors, trims property risk, eyes BRI\/RCEP growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePolitical influence tightens CMB’s strategic lending: 62% of 2025 new corporate loans went to manufacturing, agriculture and SMEs; retail deposits reached RMB 5.6tn (+8.2% YoY); SME loans RMB 620bn (+12% YoY); CET1 ~10.5%; NIM 1.95% (2025). CMB reduces property exposure to 18% of loans (2025) while reallocating cross‑border activity toward BRI\/RCEP markets.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue (2025)\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNew corporate loans to productive sectors\u003c\/td\u003e\n\u003ctd\u003e62%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail deposits\u003c\/td\u003e\n\u003ctd\u003eRMB 5.6tn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSME loans\u003c\/td\u003e\n\u003ctd\u003eRMB 620bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCET1\u003c\/td\u003e\n\u003ctd\u003e~10.5%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNIM\u003c\/td\u003e\n\u003ctd\u003e1.95%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProperty exposure\u003c\/td\u003e\n\u003ctd\u003e18%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how macro-environmental forces—Political, Economic, Social, Technological, Environmental, and Legal—specifically impact China Merchants Bank, with data-backed trends and forward-looking insights to identify risks and opportunities for executives, investors, and strategists.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise, visually segmented PESTLE summary of China Merchants Bank for quick reference in meetings, easily editable for regional or business-line notes and drop-in ready for presentations or strategy packs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest Rate Liberalization and Margin Pressure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe narrowing net interest margin hit 1.89% for China Merchants Bank in 2024 H1 as the People's Bank of China held policy rates low to support growth, pressuring traditional lending spreads.\u003c\/p\u003e\n\u003cp\u003eCMB has raised non-interest income to 38.5% of operating income in 2024 by expanding wealth management, card and bancassurance fees to offset interest compression.\u003c\/p\u003e\n\u003cp\u003eIts retail franchise—over 170 million retail customers by 2024—buffers revenue, but sustained low rates force tighter cost\/income targets and precise asset-liability matching to protect profitability.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eReal Estate Sector Restructuring\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe ongoing correction in China’s property market has pressured CMB’s asset quality; by H1 2025 the bank reported NPL ratio of 0.89% (down from 1.02% in 2023) after halving exposure to 50+ high-risk developers and shifting lending toward prime mortgages and state-backed construction projects worth RMB 240bn.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExpansion of the Wealth Management Sector\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDespite GDP slowing to about 5.2% in 2024, Chinese household financial assets rose to RMB 375 trillion by end-2024 as allocation shifted from property to financial products; demand for sophisticated wealth management keeps growing.\u003c\/p\u003e\n\u003cp\u003eCMB, with top-3 private banking AUM (RMB 3.1 trillion in 2024), leverages its market-leader status to capture this expanding investable pool.\u003c\/p\u003e\n\u003cp\u003eThe bank is expanding product shelves into overseas assets and alternatives, with offshore product sales up ~28% YoY in 2024 to meet evolving client needs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDomestic Consumption Recovery Trends\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eDomestic consumption recovery pace directly affects CMB's credit card and personal loan volumes; retail lending grew 12% YoY in 2024 as urban spending rebounded. CMB leverages big data and transaction-level analytics across 300m+ active cards to target high-frequency categories (F\u0026amp;B, e-commerce, transport), boosting activation and cross-sell rates. Strong consumer confidence in 2024 enabled measured expansion of the retail credit book while keeping NPL ratio around 1.2%.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRetail lending +12% YoY (2024)\u003c\/li\u003e\n\u003cli\u003e300m+ active card analytics\u003c\/li\u003e\n\u003cli\u003eHigh-frequency sectors: F\u0026amp;B, e-commerce, transport\u003c\/li\u003e\n\u003cli\u003eNPL ~1.2% (2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Macroeconomic Volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eFluctuations in commodity prices and FX rates hit CMB's trade clients—China's goods exports fell 3.2% year-on-year in 2025, raising hedging demand; CMB reported RMB 1.1 trillion in treasury client transactions in 2024. CMB offers FX forwards, options and liquidity pools to manage volatility, and its foreign currency reserves and USD\/EUR bond holdings face yield swings tied to Fed\/ECB rate cycles—US 10-year yield averaged 4.2% in 2024.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRMB 1.1 trillion treasury flows (2024)\u003c\/li\u003e\n\u003cli\u003eChina exports -3.2% YoY (2025)\u003c\/li\u003e\n\u003cli\u003eUS 10y avg yield 4.2% (2024)\u003c\/li\u003e\n\u003cli\u003eHedging via FX forwards\/options and liquidity solutions\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCMB faces margin squeeze but wealth, retail lending and treasury flows drive fee growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eEconomic headwinds—low PBOC rates, slower GDP (~5.2% in 2024) and property correction—compressed CMB’s NIM to 1.89% (H1 2024) but rising household financial assets (RMB 375tn end-2024) and retail lending +12% YoY supported fee income and wealth AUM (RMB 3.1tn private banking). Trade volatility (exports -3.2% YoY 2025) raised treasury flows (RMB 1.1tn 2024) and hedging demand.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNIM (H1 2024)\u003c\/td\u003e\n\u003ctd\u003e1.89%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGDP 2024\u003c\/td\u003e\n\u003ctd\u003e~5.2%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHousehold assets\u003c\/td\u003e\n\u003ctd\u003eRMB 375tn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate banking AUM\u003c\/td\u003e\n\u003ctd\u003eRMB 3.1tn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail lending YoY 2024\u003c\/td\u003e\n\u003ctd\u003e+12%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTreasury flows 2024\u003c\/td\u003e\n\u003ctd\u003eRMB 1.1tn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eExports 2025\u003c\/td\u003e\n\u003ctd\u003e-3.2% YoY\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview Before You Purchase\u003c\/span\u003e\u003cbr\u003eChina Merchants Bank PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact China Merchants Bank PESTLE document you’ll receive after purchase—fully formatted and ready to use.\u003c\/p\u003e\n\u003cp\u003eThe layout, content, and structure visible here are exactly what you’ll be able to download immediately after buying.\u003c\/p\u003e\n\u003cp\u003eNo placeholders or teasers—this is the real, professionally structured file you’ll own upon checkout.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56751863988601,"sku":"cmbchina-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/cmbchina-pestle-analysis.png?v=1772235493","url":"https:\/\/matrixbcg.com\/products\/cmbchina-pestle-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}