Banking Update

Moody's Investor Services estimates that the Chinese government has spent US$432 billion to clean up the banking sector over the past 10 years. This includes separate US$22.5 billion bailouts for the Bank of China and China Constructiion Bank (CCB) and a US$15 billion injection into the Industrial and Commercial Bank of China (ICBC).

From the December 2007 edition of Insight, the Journal of the American Chamber of Commerce in Shanghai.

Everything I read is very Gungho! on Chinese banks and their future. Everyone I talk to thinks it is going to be a rough 5 to 7 years before they "get it". "It" being management skills and a market driven philosophy.