The underlying fragility of China’s financial system was highlighted yesterday, with the China Banking Regulatory Commission saying it had uncovered RMB860bn (USD118.6bn) in financial irregularities last year.
The banking regulator says that, as a result of its auditing of 79,200
banking institutions during 2007, 117 bank managers had been fired, and
12,687 banking staff nationwide faced investigation.
According to the CBRC, the level of irregularities at the big four
state-owned banks, which have launched partial IPOs – Industrial &
Commercial Bank of China, Bank of China, China Construction Bank and
Bank of Communications – decreased to 2.87 per cent.
At the end of 2007, the total assets of Chinese banks totalled RMB52.6
trillion, with total profits of RMB298.7bn, up from RMB36.4bn in 2002,
when the CBRC began operating.
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