Hengfeng Bank, based in Shandong province, was bailed out by China’s sovereign wealth fund. Photo: Shutterstock
China calls on local governments to ‘defuse the bomb’ of troubled small banks
- Beijing lays out road map for rescuing troubled small and regional banks as risks of problematic lenders have started to emerge amid economic slowdown
- Move comes after Baoshang Bank, Jinzhou Bank and Hengfeng Bank all ran into trouble in recent months
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China economy
Hengfeng Bank, based in Shandong province, was bailed out by China’s sovereign wealth fund. Photo: Shutterstock