Capital injections from the central government will enhance Chinese megabanks' ability to anchor national strategies and boost their loss-absorption buffers, S&P Global Ratings said in a Thursday release.
The planned 500 billion yuan in special government bond issuance for 2025 will increase the megabanks' ability to finance loan growth, especially in areas such as inclusive finance, advanced manufacturing, and green energy, S&P credit analyst Xi Cheng said.
The additional capital will ease the megabanks' internal capital generation constraints and allow them to grow while retaining adequate buffers amid China's interest rate reductions and profitability pressures, Cheng said.
S&P also deems the megabanks' financial health as crucial for the system's stability due to their market share and policy importance.
The megabanks include Bank of Communications (HKG:3328, SHA:601328), Industrial and Commercial Bank of China (HKG:1398, SHA:601398), China Construction Bank (HKG:0939, SHA:601939), Bank of China (HKG:3988, SHA:601988), Agricultural Bank of China (HKG:1288, SHA:601288), and Postal Savings Bank of China (HKG:1658, SHA:601658).
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