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China’s bank is taking on more debt to meet debt repayment needs

China’s government-controlled bank, the China Banking Regulatory Commission, said on Wednesday that it is taking out more debt and is also expanding its commercial banking operations in the region.

China Commercial Bank Group Ltd., a state-owned lender that is controlled by the People’s Bank of China, is expected to raise up to 8.8 trillion yuan ($1.1 trillion) from commercial banks and other investors this year, the bank said.

The bank will take on up to 4.3 trillion yuan from its commercial bank and commercial lending business in the country, the commission said.

China Commercial Bank will also expand its commercial lending activities in China’s Hong Kong and Macau markets.

The commercial banking division is already the biggest bank in China, accounting for about a third of the country’s banking market, the government said.