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Probe into financing vehicles
By Zhu Shenshen |
September 17, 2010, Friday
|
Print Edition
Print Edition
CHINESE banks' loans to financing vehicles of local governments topped 7 trillion yuan (US$1.03 trillion) at the end of June, double the amount a year ago, a top bank industry regulator said yesterday.
The regulator is speeding up its investigation into problematic loans to state-owned companies responsible for raising funds and securing banking loans on behalf of local governments, according to Wang Huaqing, vice chairman of the China Banking Regulatory Commission.
"It happened during the financial crisis but we found that the loans had problems in the approval process and other sectors," Wang said at the Future of Finance Forum held by the Financial Times in Shanghai yesterday.
Fang Xinghai, director of the Shanghai government's financial service office, said the key for Shanghai is to better integrate with international finance markets and make the yuan an international currency.
"The yuan will become a 'game changer' in the global financial market within a decade, and Shanghai plays an important role during the process," Fang told the forum.
The regulator is speeding up its investigation into problematic loans to state-owned companies responsible for raising funds and securing banking loans on behalf of local governments, according to Wang Huaqing, vice chairman of the China Banking Regulatory Commission.
"It happened during the financial crisis but we found that the loans had problems in the approval process and other sectors," Wang said at the Future of Finance Forum held by the Financial Times in Shanghai yesterday.
Fang Xinghai, director of the Shanghai government's financial service office, said the key for Shanghai is to better integrate with international finance markets and make the yuan an international currency.
"The yuan will become a 'game changer' in the global financial market within a decade, and Shanghai plays an important role during the process," Fang told the forum.
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