China is investigating a senior one of the world’s largest government-backed credit bureaus for spying, six months after a former bank chief was killed in a fraud case.
The study highlights the recent economic downturn in high-end Chinese companies with “bad credit”, as concerns rise due to their high debt and falling profits.
These groups, which include Huarong Asset Management and China Cinda Asset Management, have been overseen to increase attention managers and investors as Beijing grapples with the country’s financial crisis, which it believes threatens economic stability.
CBIRC’s remarks also referred to Hu’s previous role as vice president of China Orient Asset Management, another troubled major exporter, meaning the cases relate to about a dozen years of the group and not his role at the Great Wall.
Four major Chinese managers were appointed following the Asian financial crisis in the late 1990s. They were designed to reduce the risk in the country’s major government agencies by eliminating bad debts from their books beforehand.
But these groups have been a a major problem in Beijing after raising more than $ 100bn in debt, I grew stronger in the areas beyond their finances and became part of the financial sector.
While Huarong and Cinda were mentioned in Hong Kong, the Great Wall and the Orient remain a mystery. According to S&P, all four have expanded their foreign assets since 2015-17.
Huarong, China’s largest debtor, owes about $ 22bn in US dollars and is facing greater pressure on the market by delaying the publication of its annual results. The company’s list of shares in Hong Kong was suspended in April as the company’s prices fluctuated.
Lai Xiaomin, the 58-year-old Huarong chief was killed in January after being found guilty of accepting bribes of $ 280m and other charges.
Tightening this is a sign of the endurance of Chinese President Xi Jinping, who has been fighting corruption for years. The move was seen by experts outside China as one way to target the most established governments in the industry while threatening those who would oppose the power of Xi from the Communist party.
Government-indebted lending problems that are plagued by debt have also been fueled by the worsening global economic crisis. history of change with a significant increase in votes are low hitting China’s economic sector. More than $ 100bn of debt borrowed by Chinese companies is due this year.
In response, China The finance ministry is considering transferring government shares into the top four categories of bad money into a new savings company as a way to address economic risks, Bloomberg News reported last month, citing unnamed sources.
All Great Wall contracts fell slightly Wednesday to sell 97.8 cents a dollar.
Extras quoted by Sherry Fei Ju in Beijing