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China's banks are independent from state-owned enterprises and haven't given preferential treatment to state companies as it would be impossible to do so in China's competitive credit markets, said Guo Shuqing, Chairman of China Banking and Insurance Regulatory Commission.
China's banking system is the most profitable in the world and that would soon end if long-term subsidies were offered to SOEs Guo said Monday speaking at the Asian Financial Forum.
According to Guo, SOEs receive 'negative subsidies' from the government -- in that their social costs such as healthcare, reallocation costs for laid-off workers cost more than state pay outs -- and any subsidies from the bank sector would only help underwrite these costs.
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