Financial regulators unexpectedly took over Baoshang Bank in May, with the China Construction Bank taking over daily operations. Photo: Orange Wang

Is China losing control over its economy after Baoshang Bank failure?

  • Takeover of Baotou-based lender in May was the first bank failure in over 20 years in a system that had come to believe that all financial institutions were guaranteed
  • Government-directed investment in the Bank of Jinzhou last week further underscored the problems as big banks reduce loans to smaller institutions
Topic |   China economy

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Financial regulators unexpectedly took over Baoshang Bank in May, with the China Construction Bank taking over daily operations. Photo: Orange Wang
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Orange Wang

Orange Wang

Orange Wang covers the Chinese macroeconomy, and has many years of experience with China's monetary and fiscal policy moves. He also covered global market and financial news for a long time, with a particular focus on new technologies and their influences on economic growth and society. Before joining the South China Morning Post, Orange worked as a Shanghai Correspondent for ET Net, a Hong Kong financial news agency.