When Chen Yuan’s reign began at China Development Bank 15 years ago, he found he was in the business of giving money away.
“Lots of people thought that as a ‘policy bank’ we were like another finance ministry handing out free lunches. You didn’t have to pay back our loans,” he later recalled.
Bad debt ran to more than 40 per cent of CDB’s assets when he became governor in 1998. Founded to help the government implement its policy agenda by funding infrastructure construction, the bank was struggling to make new loans.
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