China’s largest bank lent Rmb640bn to local governments in the post-crisis credit boom, but insists that these loans do not pose a danger to the country’s banking system.
In an interview with the Financial Times, Jiang Jianqing, chairman of Industrial and Commercial Bank of China, the world’s biggest bank by market capitalisation, acknowledged that unbridled lending to development companies controlled by local governments did carry some risk for the economy.
The development companies now account for 10 per cent of ICBC’s loan book. In the aftermath of the 2008 global financial crisis, Chinese banks roughly doubled their lending activity.
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