The comments from Wang Hongzhang, chairman of the second-largest Chinese lender by assets China Construction Bank, which is awaiting government approval for a 12 billion yuan fund for buying out bad loans, underscore the challenges facing the Chinese government’s programme to cut corporate debt by 120 trillion yuan to preserve the country’s financial system. Photo: Reuters

China’s banks need coordination for debt-equity swaps, CCB says

China Construction Bank’s chairman also predicts banking industry profits to remain flat in 2017

TOP PICKS

The comments from Wang Hongzhang, chairman of the second-largest Chinese lender by assets China Construction Bank, which is awaiting government approval for a 12 billion yuan fund for buying out bad loans, underscore the challenges facing the Chinese government’s programme to cut corporate debt by 120 trillion yuan to preserve the country’s financial system. Photo: Reuters
READ FULL ARTICLE