China says banks' bad loans at high level due to virus, credit risks accumulate: statement

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Asset quality at smaller banks will also be under pressure this year, and credit risks in some institutions will continue to accumulate, according to a statement sent by China’s Banking and Insurance Regulatory Commission (CBIRC) to Reuters.

The regulator said it will keep cracking down on high-risk shadow banking businesses to prevent their return and maintain curbs on the property market bubble.