Chinese officials hit back at critics of the country’s mounting debt pile yesterday, saying the country’s banks had taken measures to ensure non-performing loans would not pose a systemic risk to China’s financial system.
“China’s banking sector is generally stable and risks are under control,” Wang Shengbang, a senior official with the country’s banking regulator, said at a briefing.
According to Mr Wang, Chinese banks wrote off non-performing loans worth more than Rmb2tn ($304bn) in the past three years after the China Banking Regulatory Commission ordered the sector to boost provisions.
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