BEIJING (Reuters) – China’s banking and insurance regulator said on Tuesday that bad loans at banks now stand at a high level due to the impact of the coronavirus pandemic.
Asset quality at smaller banks will also be under pressure this year, and credit risks in some institutions will continue to accumulate, according to a statement sent by China’s Banking and Insurance Regulatory Commission (CBIRC) to Reuters.
The regulator said it will keep cracking down on high-risk shadow banking businesses to prevent their return and maintain curbs on the property market bubble.
(Reporting by Cheng Leng and Se Young Lee; Editing by Tom Hogue)
