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China Shuts Record 670 Banks As Beijing Moves To Shore Up Financial System
A record 670 lenders were closed in 2025 — roughly one-quarter of the country's banks — as authorities accelerated mergers and dissolutions to create fewer, larger and better-capitalized institutions, according to Fitch Ratings.
The biggest concerns center on smaller and rural banks, which Fitch called "the weakest part of the system," citing poor asset quality, low capitalization and governance problems.
The numbers highlight the pressure:
• Rural banks' return on assets fell to 0.45%, from 0.56% in 2021.
• Nonperforming loans reached 2.8%, compared with 1.5% across the broader banking sector.
Fitch said smaller lenders are particularly exposed to small businesses, property developers and local-government financing vehicles. However, it said their localized operations and limited exposure to other banks make systemwide contagion unlikely.
The consolidation comes as China's economy shows further signs of strain. GDP growth slowed to 4.3% in the second quarter, its weakest pace since 2022, while annual industrial-profit growth slowed to 4.2% in August, its weakest rate this year.