While much of the Western developed world was glued to the mutiny in Russia over the weekend, much of the developing world contemplated a debt crisis that has both governments and individual families struggling to pay their...
After Shanghai’s stock exchange abruptly suspended Ant Group’s initial public offering just 10 days after Jack Ma delivered a blistering speech comparing Chinese regulators to a “geriatric club” intent on “feeding dementia...
The following censorship instructions have been leaked and distributed online. China Construction...
In February, Yu Huan from Liaocheng in Shandong received a life sentence for stabbing several loan...
The Supreme People’s Procuratorate, China’s top prosecutor, over the weekend decided...
Shenmu is a dried up boom town in northwestern China that illustrates the effects of China’s...
As if the mounting pile of failed loans to local governments isn’t enough of a concern on its own, The Diplomat’s Minxin Pei writes that the hidden debt – the product of off-balance sheet “shadow...
From the Financial Times: China’s top bank regulator has expressed concern over loans made to local government companies, saying Beijing was prepared to dispatch investigators across the country to check the debt carried by...
From the Herald Sun: The China Banking Regulatory Commission tightened rules on personal and working capital loans to bar them from being used for speculation. Lenders shouldn’t “over-grant” the loans that...
From Reuters: The International Monetary Fund’s country representative for Congo, Xavier Maret, said the $9 billion mining and infrastructure partnership with China signed by Kinshasa this year had raised questions about...
A new McKinsey survey reveals some unexpected information about the financial habits of wealthy Chinese. From the Financial Times: The management consultancy said that 31 per cent of affluent people surveyed in mainland China were now interested in borrowing, a “surprising” jump from 19 per cent in 2004, when it last carried out its Asian […]
From Caijing.com.cn: The People’s Bank of China ‘s Shanghai branch has warned commercial bank lenders about the risks involved in extending credit lines to octopus-like company groups. In a first-of-its-kind report released July 31, the central bank cited two examples of credit abuse by unnamed groups, although Caijing has learned that the questionable borrowers were […]
From People’s Daily Online: Chinese auditors have identified more than 9.3 billion yuan (1.2 billion U.S. dollars) of questionable loans in three top commercial banks, the National Audit Office (NAO) announced on Friday. The three banks are the Bank of China (BOC) ,the nation’s second largest bank, the Bank of Communications , the fifth largest, […]
From Xinhua: Many Chinese colleges and universities are owed millions of yuan because students are unable to, or choose not to, pay back tuition loans, the Ministry of Education said on Monday. “We have found that many universities and colleges have several million yuan of defaulted tuition fees, some have nearly a billion,” Cui Bangyan, […]
From BBC News: China’s banking regulator has punished eight banks for illicity lending money to two state bodies that invested the cash in the stock and property markets. The China National Nuclear Corporation and China Shipping Group illegally used the billions of yuan loaned to them. The China Banking Regulatory Commission (CBRC) has now punished […]
After the success of Micro-lending in Bangladesh, China began to open rural community loans to farmers. From People’s Daily Online: China has opened 18 rural community banks by the end of May offering farmers easier access to loans and providing credit to businesses in the countryside that want to expand. The small lenders include nine […]
From Reuters, via The International Herald Tribune: China has long struggled to channel lending to rural China, from which mainstream banks have largely retreated. But now that the big city-oriented state banks have been more or less nursed back to health, the Communist Party is switching gears and backing an array of initiatives to build […]
In the New York Times, columnist Paul Krugman writes: Over the last few years China, for its own reasons, has acted as an enabler both of U.S. fiscal irresponsibility and of a return to Nasdaq-style speculative mania, this time in the housing market. Now the U.S. government is finally admitting that there’s a problem – […]
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