China's banks starting to downplay shipping

The Chinese state-owned banks which have in recent years pumped enormous sums into new ships in an effort to help the country's yards, are now starting to feel the consequences.

Photo: Georg Hammerstein/POLFOTO/ARKIV

China's biggest and state-owned banks, which have in recent years undertaken a massive increase in lending to international carriers as part of efforts to support the country's shipyards, are starting to see the dangers as the scope of bad loans to shipping is piling up.

According to news agency Reuters, several Chinese banks expect growing losses on sectors such as shipping and steel. The Agricultural Bank of China, among others, has reduced its lending for the two sectors by USD 6.4 billion.

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