In order to collapse in the face of the crisis without sacrificing savers and taxpayers' money, China's banking industry is gradually to sign a "living wills" for this proposition.
Here's English coverage of this news in China.
Bank adopts 'living will' to fend off crisis
It is the first time that a Chinese domestic public bank has announced a "living will" and it comes just one month after the Chinese bank regulator required privately-owned banks to make such "wills" before these banks are officially established.
In July 2012, the US regulators required 124 financial institutions to prepare "living wills" to ensure a more orderly wind-down in case of a future Lehman Brothers situation.
Here's recent coverage of the U.S. living will policy:
Biggest Banks Face Higher Bar in Rewritten Living Wills
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