Banks' Bad Loans Rise on Troubles in Steel Industry

(Beijing) – The ailing steel trading industry has taken a toll on many banks, including the Agricultural Bank of China, whose recently released annual report shows its bad loans rose almost 2 billion yuan last year.

The bank's executives said problems with non-performing loans started in June and were focused on the Yangtze River Delta, especially in the steel production and trading industries. The delta area comprises Shanghai, southern Jiangsu Province and northern Zhejiang Province.