From The Weekly Standard, via American Enterprise Institute: Early last month, the accounting firm of Ernst and Young released a report concluding that the “nonperforming” loans of China’s banks totaled $911 billion (40 percent of China’s GDP)–a figure that far exceeds the Chinese government’s own estimate of $164 billion. Beijing’s response to the report was […]

From the Financial Times (link) Paul Ostling, global chief operating officer of Ernst & Young, has ordered an internal inquiry into the accountancy firm’s publication of a controversial report on China’s non-performing loans that it was forced to withdraw. E&Y retracted the report, saying its estimate of bad debts for the country’s big four state […]

From the Financial Times (link) Ernst & Young, the accountancy firm, has withdrawn a controversial report on China’s non-performing loans, saying its estimate of bad debts for the country’s big four state banks “cannot be supported and is factually erroneous.” The announcement comes days after the report was attacked by the People’s Bank of China, […]