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China will help businesses deal with debts, but not bail them out, says minister
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The government will “help but not bailout” the rising defaults of corporate bonds, the Chinese finance minister said.
“The corporate debts ratio are relatively high in China, but there are no systemic regional debt risks, Lou Jiwei said. “The central authority will stay cautious before stepping in as we have to manage the actual loss of taxpayers before take any actions.”
Lou also insisted on pushing forward a macro prudential policy to monitor the potential risks in advance.
His comments came after Dongbei Special Steel Group Co, a Liaoning-based unlisted steelmaker defaulted on at least seven debt instruments of 870 million (US$130.1 million) this year.
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