China’s Ministry of Finance has granted licenses to three asset management firms – Huarong, China Orient and China Great Wall – to buy bad debt directly from companies, instead of just from banks, South China Morning Post reported. “The process for regulating non-financial non-performing assets will be very challenging,” said Wilson Pang, partner in charge of […]
Category: Banking & Finance
A report published by Tsinghua University found that only six of almost 300 city governments in China surveyed had disclosed their debts in 2014, with only half of municipalities and provincial capitals disclosing their unused funds for the year, which totaled RMB23.5 billion (US$3.78 billion), South China Morning Post reported. The new report on city […]
Dissatisfaction is bubbling online among Chinese consumers following the announcement of draft rules that could limit individuals’ daily transactions on third-party payment platforms such as Alibaba’s (BABA.NYSE) Alipay to as little as RMB1,000 (US$160), South China Morning Post reported. Third-party payment services that have two or more security measures but don’t provide verification processes will have […]
The mainland trading account of American hedge fund Citadel was one of over 30 suspended by the China Securities Regulatory Commission so far in its latest effort to stabilize the country’s volatile stock markets, The New York Times reported, citing an email announcement from the company. On Friday the commission said it would strengthen its […]
Banks continued to serve as China’s dominant channel for finance in the first half of 2015, bearing much of the country’s risk as off-balance-sheet shadow banking grew only slightly in the first half of the year to about 35% of gross domestic product, South China Morning Post reported, citing data from Moody’s Investors Service. Bank […]