China’s non-performing loan ratio down to 8.9 pct?

China's major commercial banks NPL ratio 8.9 pct at end-2005
SHANGHAI (AFX) - China's banking regulatory agency said the non-performing loan (NPL) ratio of major commercial banks fell to 8.9 pct as of the end of 2005, or 4.3 percentage points lower than at the beginning of the year.

I don’t believe in this number at all; there is no way that the non-performing loan ratio is so low. But I trust that the non-performing loan ratio is indeed going down, as a result of transfer of bad loans to asset management companies, huge cash injections by the government, large retained profits, and current economic boom.