China Banking Regulatory Commission chief Guo Shuqing. Photo: Reuters/Bobby Yip

The chairman of China’s banking regulator, Guo Shuqing, spoke Wednesday on the challenges facing the country’s financial services. Guo admitted there exist problems, but said he was confident risks would subside, reported Shanghai Securities Daily. Guo cited estimates that bad debt in China had reached the US$3 trillion mark last year. While global investors have shied away from loans connected to China’s state industrial sector, the Financial Times reported Wednesday that some analysts see interest in Chinese debt growing as European non-performing loan problems subside.