The Yangshan Deep Water Port of east China's Shanghai. (Xinhua/Ding Ting)
The regulator vowed more efforts in 2020 to curb shadow banking and prevent loans from flowing into the property sector in an improper way.
BEIJING, Jan. 12 (Xinhua) -- China has seen significant progress in containing financial risks in 2019 with authorities disposing bad loans and reining in high-risk lending.
China disposed of a total of 2 trillion yuan (around 288.4 billion U.S. dollars) of non-performing loans last year, data from the China Banking and Insurance Regulatory Commission showed.
Shadow banking assets shrank by 16 trillion yuan in the past three years from the peak level, while risks in peer-to-peer (P2P) lending have been reduced, with continued decline in the number of P2P platforms, loans outstanding and people involved, the commission said.
The regulator vowed more efforts in 2020 to curb shadow banking and prevent loans from flowing into the property sector in an improper way. ■
