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China is merging hundreds of small banks to fend off financial stress
(www.businessinsider.com)
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this post was submitted on 05 Feb 2024
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This is the best summary I could come up with:
Beijing is tackling high-risk financial lenders by enacting a major consolidation wave that will merge hundreds of dealers across the $6.7 trillion sector, Bloomberg reported.
It's a concern Beijing desperately needs to tackle, as mounting domestic debt has applied broad downside pressure on China's economy over the last few years.
At the end of 2022, the bad-loan ratio in the rural cooperative bank system stood at 3.48%, more than double that of China's entire financial sector.
For instance, these smaller cooperatives have been cited as putting profit ahead of their policy duties, such as by offering loans beyond their rural and agricultural areas.
In 2022, four local banks in the Henan province colluded with a stakeholder to attract billions of yuan through online platforms, freezing hundreds of people out of their savings and triggering protests.
But Beijing will have to be mindful of its approach, as its previous merger enforcement didn't necessarily lead to improved bad-loan ratios, Bloomberg noted.
The original article contains 255 words, the summary contains 159 words. Saved 38%. I'm a bot and I'm open source!