ICBC’s Jiang Says China Economic Growth to Curtail Bad Loans

Industrial & Commercial Bank of China Ltd., the world’s largest lender by market value, said its bad-loan ratio is dropping and ruled out a deterioration in asset quality from property and local-government lending.

“If the economy is growing, the financial sector is bound to do well,” Chairman Jiang Jianqing said in a Bloomberg TV interview in Sanya in southern China’s Hainan province yesterday. “The challenges we face in areas such as real estate and local government financing vehicles will all be solved. Chinese banks’ asset quality won’t deteriorate.”