The banking industry in China is dominated by four large state-owned banks. From 1985 to 2016, as China's GDP and per capita income grew, bank credits and deposits also expanded, sometimes outpacing GDP growth. Bank performance was strongest in the early 2000s when return on equity peaked and non-performing assets declined, corresponding to periods of economic liberalization and higher GDP/income growth. The concentration of assets in the top three banks also reached its highest levels during these times of improved macroeconomic conditions and expansion of the banking system.