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China to Open up Non-performing Asset Management Market
China is drafting regulations to enable its financial asset management companies to sell stock shares and debts to overseas investors, and encourage overseas investment in the country's non-performing asset management market.
Xu Fangming, director of the Department of Finance of the Ministry of Finance, said the move will help China speed up its settlement of the financial assets and reform the country's financial system.
Xu made the remarks at a forum on absorbing overseas investment in non-performing asset management, part of the ongoing Fifth China Investment and Trade Fair held by the Chinese government.
Among those attending the seminar were Yang Kaisheng, president of the China Huarong Asset Management Co., and senior managers of three other companies.
They said they will follow international practice in selling, transforming and dealing with non-performing financial assets to overseas investors.
The four companies were set up in 1999 by the Chinese government to manage the non-performing assets owned by the State- owned commercial banks in a bid to reduce and prevent financial risks facing its banking industry.
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