{"id":2077,"date":"2005-03-02T09:33:23","date_gmt":"2005-03-02T16:33:23","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/2005\/03\/02\/china-plans-to-enact-new-bankruptcy-law\/"},"modified":"2005-03-02T09:33:23","modified_gmt":"2005-03-02T16:33:23","slug":"china-plans-to-enact-new-bankruptcy-law","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2005\/03\/china-plans-to-enact-new-bankruptcy-law\/","title":{"rendered":"China Plans to Enact New Bankruptcy Law"},"content":{"rendered":"<p>\nFrom <a href=\"http:\/\/www.voanews.com\/english\/2005-03-02-voa12.cfm\">VOICE OF AMERICA:<\/a>\n<\/p>\n<blockquote><p>\nAfter 10 years of debate, China is close to enacting a bankruptcy law, a measure intended to raise investor confidence. But it could also be the long-awaited key to unlocking the debt problem burdening China&#8217;s banks. The National People&#8217;s Congress is expected to take up the bill at its session beginning this week.<\/p>\n<p>China&#8217;s current bankruptcy system reflects its old communist command economy in which the government chose which state-owned enterprises would flourish or die.<\/p>\n<p>But China is now increasingly a market economy, driven by private investment. Without an effective bankruptcy law, it is uncertain whether investors can get their money back if a company goes bust. And Chinese banks remain trapped in a cycle of lending to inefficient state-owned enterprises &#8211; despite already shouldering billions of dollars of unpaid loans.That is about to change. The annual session of the National People&#8217;s Congress this month is expected to pass a new law updating the bankruptcy system.\n<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>From VOICE OF AMERICA: After 10 years of debate, China is close to enacting a bankruptcy law, a measure intended to raise investor confidence. But it could also be the long-awaited key to unlocking the debt problem burdening China&#8217;s banks. The National People&#8217;s Congress is expected to take up the bill at its session beginning [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[10],"tags":[903],"class_list":["post-2077","post","type-post","status-publish","format-standard","hentry","category-law","tag-bankruptcy-law","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.7 (Yoast SEO v23.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China Plans to Enact New Bankruptcy Law<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/chinadigitaltimes.net\/2005\/03\/china-plans-to-enact-new-bankruptcy-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Plans to Enact New Bankruptcy Law\" \/>\n<meta property=\"og:description\" content=\"From VOICE OF AMERICA: After 10 years of debate, China is close to enacting a bankruptcy law, a measure intended to raise investor confidence. 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