Beijing Bank Bailout May Help Farmers
Among China's many troubled banks, the Agricultural Bank of China (ABC) has long given Chinese officials the biggest headaches. Established in 1979 to provide financial services to peasants, the Beijing-based bank has accumulated more bad loans—$120 billion at the end of 2007—than any other Chinese state-owned bank. For years, Chinese policymakers have debated proposals to reform the state-owned bank and turn it into a publicly listed commercial bank, but they haven't taken any action.
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