Not long into the global financial crisis, it seemed obvious that trouble was brewing for Chinese banks.
Ordered by the government to pump credit into the slowing economy, they responded with a zeal befitting dutiful state-owned institutions. A lending surge in 2009 such as the country had never seen was bound to lead to a spike in defaults, or so many outsiders believed.
Yet nothing of the sort has transpired. When China’s banks report their 2011 results over the next two weeks, they are expected to show a minuscule increase in their non-performing loan ratios to 1 per cent or so – hardly anything to panic about.
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