久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

US EUROPE AFRICA ASIA 中文
China / Society

Details matter in would-be debt-for-equity swap plan

By Zheng Yangpeng (China Daily) Updated: 2016-04-25 09:04

China's debt-for-equity swaps, designed to shed 1-trillion-yuan ($154 billion) worth of underused capacity, have raised numerous questions about how the government will resolve the bad debts of inefficient companies, Caixin magazine recently reported.

Discussions about how China will deal with insolvent State-owned enterprises have been ongoing for months, but Caixin's report on Monday was the first to outline the scope of the plan to convert nonperforming, problematic and "normal" loans on the banks' balance sheets to shares in distressed companies.

Premier Li Keqiang indicated earlier that this would be a top-down, national strategy to alleviate the companies' repayment pressures, not a piecemeal response.

This is not the first time that the country has bought time for distressed SOEs. During a previous crisis in the late 1990s, the government created four special asset-management companies to buy about 1.4 trillion yuan of soured debt from the banks at face value. About 30 percent of those bad loans were swapped into equity as directed by the government.

There is similar precedent from just a year ago, when the central government allowed indebted local governments to issue 3.2 trillion yuan in low-yield bonds to swap for existing high-cost debt. Banks bought those bonds grudgingly, knowing long-term relationships with local governments trumped short-term loss.

Both cases are bailout plans with Chinese characteristics, highlighting the central government's persistent aversion to defaults and liquidation.

Bankers with the knowledge of Beijing's plan assured Caixin that only those companies with promising prospects that are suffering short-term distress would be included in the plan.

Zombie companies won't get the opportunities. Unlike in the late 1990s, this swap would be more market-oriented, with no state guarantees in the end. Still, questions abound about the details of how the bailout will work.

For example, how will zombie firms be identified, versus those promising companies that deserve bailouts? Local governments have plenty of reasons to lobby for SOEs in their jurisdictions to be selected. How will the bad loans be properly priced so the conversion is fair for both banks and companies? Will banks, after becoming major shareholders, participate in corporate management? It's an important question, because last time they didn't get the chance.

Also, how will debtors and creditors conduct the swaps? Will it be based on their willingness or will there be a government-assigned quota?

Policymakers face trade-offs dealing with such quandaries. Choosing not to bail out the poor performers carries risk, given that the size of China's nonperforming loans might be far larger than the headlines suggest. But turning the swaps into an "all-out" campaign also risks coddling banks and companies, whose irresponsible lending and borrowing over the past decade caused current woes.

Policymakers should make sure the swaps are market-driven, and that lessons stay learned.

zhengyangpeng@chinadaily.com.cn

Highlights
Hot Topics
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    亚洲精品一区二区三区四区高清| 中文字幕字幕中文在线中不卡视频| 久草精品在线观看| 久久婷婷国产综合国色天香| 高清不卡在线观看| 亚洲摸摸操操av| 欧美日韩亚洲国产综合| 麻豆精品国产91久久久久久| 久久女同性恋中文字幕| a级高清视频欧美日韩| 亚洲精品国产精品乱码不99| 欧美精三区欧美精三区| 激情丁香综合五月| 国产精品久久久久影院| 欧美日韩午夜在线| 精品在线你懂的| 国产精品久久久久永久免费观看 | 久久久综合视频| 91视视频在线观看入口直接观看www | 亚洲日本va午夜在线影院| 欧美天天综合网| 国内外精品视频| 自拍偷拍欧美激情| 欧美一区三区二区| 成人黄色在线网站| 亚洲成人动漫精品| 国产调教视频一区| 欧美性感一区二区三区| 国产自产高清不卡| 亚洲乱码国产乱码精品精的特点 | 日韩高清一区在线| 国产日产欧美一区| 欧美日韩在线不卡| 国产成人亚洲综合a∨猫咪| 一区二区三区四区国产精品| 欧美xfplay| 色婷婷精品久久二区二区蜜臀av| 久久精品99国产国产精| 亚洲人精品午夜| 精品国产乱码久久久久久久| 在线免费亚洲电影| 国产精品一区在线观看乱码| 亚洲国产成人porn| 日本一区免费视频| 3d成人动漫网站| 91在线视频网址| 久久精品国产成人一区二区三区| 一区二区三区中文字幕在线观看| 精品国产一区二区亚洲人成毛片 | 在线观看欧美精品| 国产河南妇女毛片精品久久久| 日日摸夜夜添夜夜添精品视频 | 狂野欧美性猛交blacked| 亚洲激情欧美激情| 久久精品欧美日韩精品| 欧美福利视频一区| 色婷婷国产精品| 粉嫩嫩av羞羞动漫久久久| 日本成人在线视频网站| 亚洲精品你懂的| 国产蜜臀97一区二区三区| 日韩手机在线导航| 欧美羞羞免费网站| 99久久久免费精品国产一区二区| 国产一区二区不卡老阿姨| 午夜在线电影亚洲一区| 最新国产精品久久精品| 久久久久久一级片| 欧美tickle裸体挠脚心vk| 欧美日韩一区不卡| 一本色道**综合亚洲精品蜜桃冫| 国产福利91精品一区二区三区| 免费成人在线影院| 天天影视色香欲综合网老头| 一区二区三区久久久| 一色桃子久久精品亚洲| 国产欧美一区二区在线观看| 精品国产亚洲一区二区三区在线观看| 欧美日本韩国一区| 精品污污网站免费看| 日本韩国欧美在线| 91亚洲精品一区二区乱码| 成人免费观看av| 国产精品资源在线看| 久久99精品一区二区三区三区| 日韩国产欧美视频| 午夜av一区二区| 亚洲一卡二卡三卡四卡五卡| 一区二区三区精品视频| 亚洲特级片在线| 亚洲三级久久久| 亚洲日本在线看| 亚洲欧美日韩一区二区三区在线观看| 亚洲国产高清在线观看视频| 国产目拍亚洲精品99久久精品| 国产片一区二区三区| 国产午夜亚洲精品不卡| 久久精品人人做人人综合| 国产丝袜美腿一区二区三区| 欧美国产精品专区| 欧美韩日一区二区三区四区| 中文av字幕一区| 国产精品久久精品日日| 中文字幕中文字幕在线一区 | 久久久久9999亚洲精品| 久久久久久久久久久久久久久99| 久久视频一区二区| 国产视频一区不卡| 日本一区二区三区四区| 国产精品久久久久久久久免费樱桃| 国产精品午夜春色av| 综合精品久久久| 亚洲午夜三级在线| 日韩av一区二区在线影视| 秋霞午夜鲁丝一区二区老狼| 久久国产尿小便嘘嘘| 国产在线视频一区二区三区| 国产盗摄视频一区二区三区| 99久久亚洲一区二区三区青草| 色av综合在线| 在线播放一区二区三区| 欧美成人三级在线| 日本一二三不卡| 亚洲欧美日韩中文字幕一区二区三区| 亚洲一区免费视频| 日产国产高清一区二区三区| 国产一区二区三区在线观看免费| 丁香婷婷综合色啪| 欧美专区日韩专区| 欧美一区二区三区色| 久久久亚洲高清| 一区在线中文字幕| 午夜久久久久久久久| 久久国产精品无码网站| 成人综合在线网站| 日本久久电影网| 欧美一区二区三区精品| 久久精品免费在线观看| 亚洲欧美电影院| 视频一区欧美精品| 国产一区二区三区不卡在线观看| 91在线观看下载| 正在播放一区二区| 久久久精品国产免费观看同学| 亚洲欧美色一区| 蜜桃视频在线一区| 成人免费视频caoporn| 欧美色图一区二区三区| 精品欧美乱码久久久久久| 国产精品久久久久久久久免费相片| 亚洲成a人片在线观看中文| 精品一二三四在线| 91蜜桃传媒精品久久久一区二区| 5858s免费视频成人| 国产欧美va欧美不卡在线| 亚洲成人你懂的| 国产成人自拍高清视频在线免费播放| 色94色欧美sute亚洲线路一ni| 精品免费国产一区二区三区四区| 亚洲少妇30p| 精品中文字幕一区二区| 色综合久久久久久久久| 精品奇米国产一区二区三区| 亚洲精品伦理在线| 国产乱国产乱300精品| 欧美在线看片a免费观看| 久久久不卡网国产精品一区| 亚洲一二三四在线| 国产99久久久国产精品潘金网站| 欧美日韩情趣电影| 国产亚洲精品超碰| 水野朝阳av一区二区三区| 成人av网址在线| 日韩视频免费观看高清在线视频| 亚洲欧美电影一区二区| 国产老女人精品毛片久久| 欧美日韩极品在线观看一区| 中文av一区二区| 九九国产精品视频| 欧美日韩久久不卡| 亚洲欧美自拍偷拍| 国产做a爰片久久毛片| 欧美色图第一页| 最近日韩中文字幕| 国产精品一区二区久久不卡| 欧美日韩日日骚| 亚洲乱码日产精品bd| 成人夜色视频网站在线观看| 日韩三级视频在线看| 亚洲一区二区三区四区在线免费观看| 国产91精品露脸国语对白| 欧美一级国产精品| 亚洲国产成人av网| 91麻豆免费看片| 中文字幕欧美国产| 国产乱人伦精品一区二区在线观看| 欧美日韩精品一区二区在线播放| 亚洲啪啪综合av一区二区三区| 懂色一区二区三区免费观看| 欧美成人乱码一区二区三区|