BEIJING (Reuters) – China will support local governments in injecting capital into small Chinese banks, as the risks of a global recession rises, the country’s banking and insurance regulator said on Friday.
Foreign and private firms are also welcome to participate in the restructuring of China’s small banks, said Zhou Liang, vice head of the China Banking and Insurance Regulatory Commission (CBIRC).
Chinese banks made 7 trillion yuan ($989 billion) in new loans in the first quarter, Zhou said.
(Reporting by Kevin Yao; Writing by Ryan Woo; Editing by Christian Schmollinger)
