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BEIJING (MNI) - China shrank the scale of its so-called shadow banking
industry by CNY1.6 trillion in the last three years, as it reined in activities
such as wealth management and off-balance sheet transactions, Huang Hong, a vice
chairman of China Banking and Insurance Regulatory Commission, said at a press
conference on Monday.
China last year also took greater measures to reduce risks in the banking
industry and resolved about CNY2 trillion in non-performing loans, according to
the commission. The commission also promoted market-based debt-to-equity
conversion, which amounted to CNY1.4 trillion.
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