In response, the Chinese government issued special treasury bonds and established four asset management companies that specialized in receiving and disposing non-performing loans of RMB 1.4 trillion hived off from state-owned commercial banks. However, deeper reforms like the institutional reform of large state-owned commercial banks remained untouched.
What are the broad structural forces shaping the financial system in the years ahead. Do we want those structural forces to play out? Are they well founded or are they the result of some distortion in the system? So in a nutshell: think about the system, think about the broad structural forces. 2  BIS central bankers’ speeches