People walk past an ICBC banking outlet in Beijing. Investors are looking out for signs of weaker earnings as Chinese lenders make ‘national service’ efforts to aid the economy. Photo: Reuters
Banking & Finance
Chinese banks brace for cost of national service to shore up economy as debt reprieve, soured loans erode earnings
- Lenders have been asked to sacrifice profits, extend debt reprieve to businesses, and hire new graduates to ease unemployment
- Banks are expected to report weaker second-quarter earnings due to the lingering effects of coronavirus as bad loans accumulate
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Banking & Finance
People walk past an ICBC banking outlet in Beijing. Investors are looking out for signs of weaker earnings as Chinese lenders make ‘national service’ efforts to aid the economy. Photo: Reuters