From Bloomberg: China may pay less to sell 20-year bonds than it did a year ago as economic growth spurs savings, giving banks more money to invest in local debt securities. The government plans to sell 30 billion yuan ($3.75 billion) of bonds maturing in 2026 this week. The 20-year bonds sold in May 2005 […]
Read MoreFrom the New York Times Magazine: I was introduced to Deng Chen through an attorney who had helped him with some legal matters. Her specialty is trafficking, and when I told her I was doing some research on human smuggling and its victims, she cautioned me to be careful about using the word “victim” and, […]
Read MoreFrom Beijing Times via China Economic Net (link) As three of China’s big four banks came under the spotlight with behemoth IPOs, the last remains saddled with non-performing loans and is still uncertain when restructuring will begin. A bail-out scheme for Agricultural Bank of China, the nation’s No.2 lender by assets, has yet to be […]
Read MoreFrom the Financial Times (link) Paul Ostling, global chief operating officer of Ernst & Young, has ordered an internal inquiry into the accountancy firm’s publication of a controversial report on China’s non-performing loans that it was forced to withdraw. E&Y retracted the report, saying its estimate of bad debts for the country’s big four state […]
Read MoreFrom the Financial Times (link) Ernst & Young, the accountancy firm, has withdrawn a controversial report on China’s non-performing loans, saying its estimate of bad debts for the country’s big four state banks “cannot be supported and is factually erroneous.” The announcement comes days after the report was attacked by the People’s Bank of China, […]
Read MoreFrom Yulun Jiandu (link), translated by CDT: In a letter addressed to Zhang Chunxian, Hunan’s provincial party secretary, a whistle blower from a village in Yizhang County of Chenzhou laid out his efforts to report on corruption and the life-threatening tribulation he has gone through with his family. Huang Yuanxun, a farmer who taught himself […]
Read MoreFrom Current History, via American Foreign Policy Council (link): The streets of Maputo, the capital of the former Portuguese colony of Mozambique, look little different from those of other sub-Saharan African cities. Open sewers overflow with rotting fruit, beggars harass pedestrians for 1,000 meticals (the equivalent of less than 10 cents), and young mothers walk […]
Read MoreFrom the Financial Times (link) China’s total liabilities for non-performing loans may be as high as $900bn, dwarfing official estimates and outstripping the country’s massive foreign exchange reserves, according to a study of Beijing’s bad debt problem. The study, part of Ernst & Young‘s annual global survey of NPLs, says China’s big four state banks […]
Read MoreEditorial from the New York Times (link): The public derision of Republicans’ idea for a $100 gasoline rebate has focused on the desperate political pandering embodied in the proposal. But there’s another view that makes it seem even worse. Consider the China angle. With the nation already deeply in debt – and with Congress angling […]
Read MoreFrom the Financial Times (link): With determination and tact, China is steadily increasing its commercial, diplomatic and military influence, especially in the Asia-Pacific half of the globe. Wen Jiabao, Chinese premier, cheerfully accepted a roasted pig and whale’s tooth from his Fijian hosts last week to prove it. Hu Jintao, Chinese president, will make a […]
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