Chinese Finance Comes of Age

Back in 2002, all of China’s major banks were awash in non-performing loans, which in some cases amounted to more than 10% of the total balance sheet. Less than a decade later, much has changed – with some important lessons for Western regulators.

LONDON – The Chinese financial system’s evolution in recent years has been extraordinary. I have observed its transformation as a member of the International Advisory Council of the China Banking Regulatory Commission (CBRC).