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China Construction Bank, one of the country's largest banks, has announced 70 billion yuan or US$ eight and a half billion of bad debts were disposed of in the first 11 months of this year.
With the gradual opening-up of the banking industry, the national central bank, Bank of China, has required all banks to lower their non-performing assets to less than 15 percent before 2005.
In April, a new banking regulatory body, the China Banking Regulatory Commission was set up to strengthen supervision of banks and help individual banks to reduce their non-performing assets.
The Regulatory Commission has also invited foreign investors to enter China's banking sector. Foreign investors can now hold up to 20 percent of shares in a bank as opposed to the previous 15 percent.
(Xinhua News Agency December 19, 2003)
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