Business English Lesson – Advanced Level's archive Banking in China 1. While globalization has sparked a buying in emerging markets generally, China has been the front- runner in raising new capital in the banking sector, explains Keith Pogson of Ernt & Young. spell spill spree spray 2. China's record-breaking performance in raising more than US$46bn is all the more stunning given that, just two years ago, the challenge of cleaning up balance sheets and non-performing loan portfolios was next to impossible by the international investment community. convinced deemed evinced seemed 3. China's financial institutions have historically suffered the disadvantage of having dual operating roles: the authorities viewed them not simply as banks, but also as a major for providing capital to state-run companies. byway conductor factor vehicle 4. China's banks kicked their structural reforms ahead of receiving capital injections from the central government. off out through up 5. During the past five years, they have streamlined their organizations through closure of less efficient branches and scaling back their workforces through and early retirement, among other factors. attrition elimination liberation retribution 6. For example, China Construction Bank and ICBC closed more than 11,500 and 12,900 branches respectively, and each reduced its workforce by over 100,000 employees; the financial restructuring of these banks was in China's banking history. unpreceded unprecedented unpreconceived unpremeditated 7. The initial recapitalization from 2003-2005 amounted to at least RMB608bn, consisting of an injection of capital through State Administration of Foreign Exchange (SAFE) investment, new shares subscribed to by the National Social Security Fund, and accumulated losses by the Ministry of Finance. reconciled refurbished renovated replenished 8. In addition to capital injections by the Chinese government, restructuring was accomplished in a two- stage out of non-performing loans; initially, approximately RMB420bn of Loss-Classified NPLs were written off from the four banks' accounts. carve cut slash slice 9. Alliances with foreign banks turned out to be a vital in the success of the IPOs, as they provided Chinese banks with technical assistance and, most importantly, equity stakes that offered additional credibility and reassurance to other investors when the banks came to market. apparatus concomitant incorporation ingredient 10. From a combined outlay of estimated US$500m at the end of 2003, foreign investors have now committed as much as US$18bn to the Chinese banking sector in the past 12 months alone. neglected negligent negligible negotiable . Business English Lesson – Advanced Level's archive Banking in China 1. While globalization has sparked a buying in emerging markets generally, China has been the front- runner in raising. front- runner in raising new capital in the banking sector, explains Keith Pogson of Ernt & Young. spell spill spree spray 2. China& apos;s record-breaking performance in raising more than. investment community. convinced deemed evinced seemed 3. China& apos;s financial institutions have historically suffered the disadvantage of having dual operating roles: the authorities