Reforms of China's big state banks have failed to instill a genuine credit culture, new International Monetary Fund research has found. The IMF working paper, published Thursday, reviews the lending of the four big state banks – the Industrial & Commercial Bank of China, China Construction Bank, Bank of China and the Agricultural Bank of China ï¿½ in the seven years of restructuring to the end of 2004. It says changes to formal corporate governance structures have had little impact on the way business is done. State-owned companies still received loans without proper risk-weighted credit pricing, and the banks were losing lending market share to other financial institutions in provinces with more profitable enterprises. The report also raised questions about the reported fall in the new rate of non-performing loans in recent years, suggesting there has either been a dramatic improvement of underlying credit quality or measurement problems.