No. of Recommendations: 17

After 1999, over 40% of these state-owned-bank loans to state-owned-enterprises were written off as uncollectable. To give some perspective on the damage Chinese banks suffered, losses by U.S. from sub-prime lending was approximately $250 billion. If American banks' losses were to equivalent to the damage inflicted on Chinese banks, the U.S. losses would have been $7.7 trillion, or thirty times greater.


Read the whole thing. When gov't control economic activity, politics always trumps economics. This is obviously a failure of the free market.
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