Biggest Bank in China Planning an I.P.O.

[Industrial and Commercial Bank of China], China's biggest, moved ahead with its plans as a strong debut here on Friday for China Merchants Bank showed that investors remain smitten with big Chinese banks despite the banks' problems...

Many experts say that Chinese banks have put the worst of their nonperforming loans behind them. "There is some very significant improvement in some of the banks' financial profiles," including Industrial and Commercial, said Ryan Tsang, the director of greater China financial services ratings at Standard & Poor's.

Emphasis mine. So, things look as if they may be getting better.