China disposed of 1.4 trillion yuan bad loans in January-September

Business / China disposed of 1.4 trillion yuan bad loans in January-September

Business

China disposed of 1.4 trillion yuan bad loans in January-September

Published October 21, 2019, 12:00 AM

By Reuters

BEIJING – China’s banking and insurance regulator’s vice chairman, Huang Hong, said that the country’s banking sector has disposed of 1.4 trillion yuan ($197.97 billion) of non-performing loans from January to September.

Chinese 100 yuan banknotes are seen in this picture illustration taken in Beijing July 11, 2013. (REUTERS/Jason Lee/File Photo/MANILA BULLETIN) — Chinese 100 yuan banknotes are seen in this picture illustration taken in Beijing July 11, 2013.
(REUTERS/Jason Lee/File Photo/MANILA BULLETIN)

Outstanding loans made to small firms by China’s five largest lenders stood at 2.52 trillion yuan by the end of September, up 47.9% from the figure at end-2018, according to Zhu Shumin, another vice chairman of the China Banking and Insurance Regulatory Commission (CBIRC).

The CBIRC was also studying plans to shift peer-to-peer lenders and online lending platforms into micro lenders, according to Zhu.

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