China’s banking sector is dominated by the “big four”: the Industrial and Commercial Bank of China (ICBC), the Bank of China, the China Construction Bank (CCB), and the Agricultural Bank of China (ABC). ICBC is the world’s largest bank by market value; CCB is the second. In 1999, the big four were recapitalized by government-created asset management companies, which bought non-performing loans from the banks before they were turned into joint-stock companies. ABC was the last to be restructured in 2008, which may end with its initial public offering in 2010. The bonds issued to finance the 1999 recapitalization are beginning to come due in 2009, but recovery rates have been low and the debt will probably have to be rolled over. There are about a dozen other joint-stock banks in China and more than 100 local commercial banks. In addition, there are three “policy banks”: the Agriculture Development Bank, the Export-Import Bank, and the China Development Bank. The policy banks have helped to finance massive government-linked transactions abroad.