China hardly lacks for lending institutions. Bloated state giants, nimbler city commercial rivals, rural credit cooperatives: all jostle for space in Asia’s largest economy. In recent months, Beijing has moved to foster the expansion of an innovative yet often overlooked slice of the financial sector, one that has become central to the country’s broader economic well-being: bad banks.
In late July, China’s banking regulator, the CBRC, approved the creation of five new asset management companies (AMCs) in four eastern and southern provinces – Anhui, Guangdong, Jiangsu, and Zhejiang – and one city, Shanghai.
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