ICBC President Says Loan Risks Under Control

(Beijing) – China's largest lender, Industrial and Commercial Bank of China Ltd. (ICBC), said lending risks related to local government financing platforms are being contained.

"Risks emanating from ICBC's loan issuance to local financing vehicles are under control," said Yang Kaisheng, ICBC president, at a March 30 press conference on the bank's 2010 financial results, adding that ICBC's outstanding loans to local government financing vehicles currently stand at 515 billion yuan, a decrease of 135 billion yuan from the end of 2010. The non-performing loan ratio was 0.3 percent.