China debt crunch
Bad debt swells 22% at China's big banks despite recovery
As small businesses struggle, nonperforming loans in 2020 reach $150bn
China's big four banks, including Agricultural bank of China, are seeing the amount of bad debt on their books swell.
HONG KONG/BEIJING -- Nonperforming debt at China's four biggest banks grew 22% last year, with the balance set to skyrocket this year if state-mandated loan extensions expire.
The Big Four banks reported that the balance of bad debt stood at 999.1 billion yuan ($152.5 billion) at the end of December, up 181 billion yuan from a year earlier.
Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.
Celebrate our next chapterFind out more
Free access for everyone - Sep. 30