Caixin
Jan 26, 2022 04:33 AM
FINANCE

China’s Banking Sector Dumps Record $490 Billion of Bad Assets in 2021

The CBIRC called for accelerating the digital transformation of the financial sector in its 2022 work meeting.
The CBIRC called for accelerating the digital transformation of the financial sector in its 2022 work meeting.

China’s banking sector disposed of 3.1 trillion yuan ($490 billion) of nonperforming assets in 2021, the highest total in history, the sector’s regulator said Tuesday.

As of the end of last year, off-balance sheet forms of financing — or shadow banking that exists outside the conventional bank lending system — decreased by 4.2 trillion yuan ($663 billion) from the beginning of last year, China's Banking and Insurance Regulatory Commission (CBIRC) said in a statement summarizing the regulator’s 2022 work meeting a day earlier.

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