Creditors urged to sue

The head of the China Banking Regulatory Commission (CBRC) urged creditors to sue debtors. CBRC chief Liu Mingkang called for an increase in legal action against bad debt in order to establish a more orderly credit culture in China. Standard & Poor's estimates that non-performing loans in China may total more than 40% of the country's loans. Legal action is rarely taken against the largest debtors, which are typically state-owned enterprises and senior members of powerful families.