Why the lending stopped and why banking needs a boost: ALEX BRUMMER

National economies were plunged into recession and, 16 years later, the public finances of the world's most advanced economies are still dealing with the consequences in terms of borrowing and debt levels. Philippine President Ferdinand Marcos Jr. urged Guo last week to disclose how gambling businesses targeting customers in China, known as Philippine Offshore Gaming Operators (POGOs), had branched into crime.

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