Tuesday, October 27, 2020
Tags Local government

Tag: Local government

Beijing Tells Insurance Sector Not to Covertly Fund Local Governments

China's insurance regulatory has cautioned the country's insurance funds against providing covert funding to local governments, amidst a crackdown on regional debt. Chen Wenhui, deputy...

Local Government Bond Issuance Expected to Remain Around 4 Trillion Yuan in 2018

Analysts expect heavy regulatory pressure to keep local government bond issuance at around 4 trillion yuan this year, roughly on par with the 2017...

Chinese Local Governments Issued 4.36 Trillion Yuan in Bonds Last Year

Official data indicates that local government bonds emerged as the largest bond category on the Chinese debt market in 2017, as authorities continue to...

Debt Clampdown Compels Local Government to Renege on Bank Commitment Letters

A clampdown on local government borrowing practices by Beijing is already having an impact on regional finance, putting authorities in the difficult position of...

Ministry of Finance Bans Use of PPP’s by Local Government to Covertly Increase Debt

China's Ministry of Finance plans to launch new measures for standardising public-private partnerships that will strictly ban their use for covert financing purposes by...

Politburo Calls for Curbs on Hidden Debt, More Inbound Foreign Investment

The latest meeting of China's senior-most political body has flagged further curbs on the growth of covert financing and a loosening of restrictions on...

Financial Work Conference Targets Rampant Growth in Local Government Debt with Life-time Accountability

China's 5th National Financial Work Conference has turned the spot upon reining in the rampant growth of local government debt. President Xi Jinping said at...

Beijing Cracks Down on Local Government Finance Under Guise of Service Purchases

China's central government is cracking down on the illegal financing of construction projects by local governments under the guise of "service purchases," as part...

Local Government Continues to Lift Debt Levels Illegally: National Audit Office

China's National Audit Office has revealed that many local governments are continuing to raise funds in breach of regulations despite heavier scrutiny from Beijing,...

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Industrial IoT Financing the Next “Blue Ocean” for Chinese Fintech: Huang Qifan

The former mayor of Chongqing municipality Huang Qifan (黄奇帆) expects Industrial Internet of Things (IIoT) financing to be the next major area...

Legal Changes Expand Power of Chinese Central Bank, Confer Official Recognition to Digital Renminbi

Proposed amendments to the law governing the Chinese central bank are expected to confer it with greater sway and authority within China's...

Jack Ma Calls for Replacing “Pawnshop Mentality” of Traditional Banks with Big Data-based Credit System

Alibaba-founder Jack Ma has decried the collateral focus of traditional banks in the Chinese financial system, calling instead for the use of...

Digital Lender XWBank Sees Q3 Profits Rise 32%

Sichuan-based direct lender XWBank has seen a sharp on-quarter rise in its profits in the third quarter of 2020, as China makes...