State-backed lenders misapplied billions of yuan intended for innovative enterprises, highlighting a gap between Beijing’s strategic goals and banks' risk aversion
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The Industrial and Commercial Bank of China. Photo: VCG
‘Big Four’ state lender used employee pocket change to exploit mutual fund loopholes
The case highlights concerns over hidden bad debt tied to China’s property downturn
The bank channelled funds through affiliates and mass employee investors to pass off private funds as public, China’s top auditor…
After a years-long real estate slump, many smaller lenders have found themselves saddled with a portfolio of distressed assets…
Some regions artificially reduced balances by simply deleting records from the debt management system, the country’s top auditor…
Move aims to ease funding squeeze on small and midsize enterprises amid economic slowdown
