From the story here:
China's five major banks have written off 22.1 billion yuan ($3.65 billion) of debt in the first six months of the year that couldn't be collected, compared to 7.65 billion yuan a year earlier, according to the news agency [Bloomberg]. The report added that the move is more than likely a cleaning-up process ahead of what may be a fresh wave of defaults in the world's second-largest economy.
