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China to Hold First Non-performing Loans Int'l Forum
The 2001 Non-performing Loans International Forum, the first of its kind in China, will be held in Beijing between November 1 and 2.
China is in bad need of exchanges with overseas assets management corporations so that advanced methods of handling non- performing loans can be introduced, said Bai Shizhen, president of the China Oriental Asset Management Corporation, one of the forum' s sponsors, at a press conference Monday.
Chinese banks accumulated large amounts of non-performing loans under the long-term planned economic system and if not treated properly, the loans will lead to high financial risks, and may even do harm to the overall economy, she added.
The Chinese government set up four assets management companies in 1999, named Cinda, Huarong, the Great Wall and Oriental. The companies handle the non-performing assets bought from the four big state-owned commercial banks and the State Development Bank.
They have bought 1393.9 billion yuan in non-performing assets from those banks so far, of which about 93 billion yuan has been disposed of and 37.7 billion yuan has been recovered.
The forum will gather more than 400 delegates from the Asia Development Bank, World Bank and the International Monetary Fund as well as assets management companies, commercial banks and investment banks from 21 countries and regions.
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