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The Enping financial crisis occurred in Enping, Jiangmen, Guangdong in China after nationwide bank runs in the aftermath of the 1997 Asian financial crisis [when?] brought a pattern of fraud to light in multiple of the city's banks.
Fraud edit
Local officials, as well as the bank managers at the local China Construction Bank (CCB) branch, had illegally allocated funds to their own projects.[1][2] Other banks involved included the other three of the "big four" Chinese banks: the Bank of China, the Industrial and Commercial Bank of China, and the Agricultural Bank of China.[3] The banks lost US$509.5m (RMB 3.6 billion (US$509m) and HK$3.68 million (around US$0.5m)) due to the fraud,[3] with the CCB branch alone estimated to have lost US$480m.[1]
Aftermath edit
Losses incurred by the scandal cost the People's Bank of China (PBOC) RMB 6.8b.[4] As banks pulled out of Enping, residents were denied access to financial services into the early 2010s.[5][6]
References edit
- ^ a b Mufson, Steven (22 November 1997). "FAITHFUL CHINESE SAVERS KEEP BANKING SYSTEM AFLOAT". Washington Post. ISSN 0190-8286. Retrieved 2020-06-22 – via www.washingtonpost.com.
- ^ Zhu, Rongji (2013). Zhu Rongji on the Record: The Road to Reform: 1991–1997. Translated by Mei, June. Brookings Institution Press. p. 440. ISBN 9780815725183.
- ^ a b Nolan, Peter (2008). Integrating China: Towards the Coordinated Market Economy. Anthem Press. p. 136. ISBN 9781843312383.
- ^ Cousin, Violaine (2008). Banking in China (2nd ed.). Palgrave Macmillan. p. 48. doi:10.1057/9780230306967. ISBN 978-1-349-32344-9.
- ^ https://www.afdi.org.cn/files/f3532.pdf [bare URL PDF]
- ^ World Bank (2010-12-07). Reducing Inequality for Shared Growth in China: Strategy and Policy Options for Guangdong Province (PDF). The World Bank. p. 135. doi:10.1596/978-0-8213-8484-8. ISBN 978-0-8213-8484-8.
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