Norms for lenders to seek bankruptcy protection soon

Chinese lenders may soon be able to seek bankruptcy protection legally, a top official at the banking regulator said.

A legal framework for the system will be put in place over the next five years, Shang Fulin, chairman of the China Banking Regulatory Commission, said in a recent article to the fortnightly China Finance.

Shang said China will promote normalization and standardization of the financial market exit mechanism and the upcoming legal system will be in line with China's conditions.