China's four asset management companies cleared Yn132.7bn in bad assets in 2002, Yn10.6bn more than in 2001, according to statistics compiled by the People's Bank of China and quoted by Business Weekly. The firms were set up by the government in 1999 to take over nearly Yn1,400bn in bad loans from the big four state-owned […]
Category: Banking & Finance
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Into the unknown
The full tax implications of the recent opening up of China's securities market to foreign investors are unclear and are likely to be overlooked. As China opens its US$500bn A-share market to foreign capital, nearly 1,200 A-shares, which were previously reserved for domestic investors, are now available to foreign investors through the qualified foreign institutional […]
China's banks approved new loans to car buyers worth Yn65bn in the first 11 months of last year, compared with a total of Yn42bn for the previous four years from 1998 to 2001, according to People's Bank of China figures. An official from the Asian Games Auto Village in Beijing told South China Morning Post […]
The World Bank has decided to let China exceed its US$13.5bn limit on borrowing by any one country. In return, China will buy World Bank bonds with its foreign reserves to offset the increased risk to the bank. China is the largest borrower from the World Bank and already owes it about US$12bn. Raising the […]
Liu Yongfu, deputy minister of labour and social security, said that a proportion of China's social security funds would be invested in the capital markets this year, Business Weekly reported. Until now, the funds, worth about Yn300bn, have been invested in bank deposits and treasury or corporate bonds, but about 40 per cent of them […]