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Foreign Capital to Be Allowed in Bad-loan Displacement
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According to a document forwarded to the State Council recently, foreign asset management companies or management companies with foreign capital would be allowed to help deal with the non-performing assets of the many domestic enterprises and banks, the Economics Daily reported today.
Yang Kaisheng, president of the Huarong Asset Management Company who released the news to the Economic Daily, said the document was drafted jointly by the Ministry of Foreign Trade and Economics, the People's Bank of China and the Ministry of Finance, in an effort to bring new capital and new asset management method to the long stagnant market.
Industry insiders speculate that the move, if granted by the State Council, would expedite the opening up pace of China's capital market.
(Eastday 08/15/2001)
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In This Series
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References
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Archive
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