New non-performing loans at China’s banks more than doubled in 2015 to reach more than RMB500 billion (US$76.06 billion), Reuters reported, citing unnamed attendees of a government work conference. Total non-performing loans had reached RMB1.95 trillion (US$296.8 billion) as of the end of 2015. China Banking Regulatory Commission Chairman Shang Fulin told the work conference that as China’s economic growth slowed to around 7% in 2015 from 9.5% in 2011, banking profit growth had fallen to 2.3% from 39.5% over the same period. “We should promptly introduce corporate financial debt restructuring rules, enhance support for firms with debt difficulties,” Shang said, according to the sources.
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