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March 31, 2014 AT 4:23 PM
China's five biggest state-owned banks stepped up their efforts to write off bad loans last year, highlighting mounting debt risks as the economy cools. The banks - Industrial & Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Bank of Communications wrote off and transferred off their books a total of 63.92 billion yuan nonperforming loans in 2013, according to calculations by The Wall Street Journal. The amount is 2.5 times the 25.29 billion yuan in problem loans they erased from their books in 2012.