USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Finance

Financial institutions will not bail out distressed firms: Officials

By Jiang Xueqing | chinadaily.com.cn | Updated: 2017-09-15 13:27

Chinese financial institutions will return to their basic function to serve the real economy but will not use it as an excuse bail out businesses facing financial trouble, said senior officials at the Financial Street Forum 2017 in Beijing on Friday.

Liu Guoqiang, assistant governor of the People's Bank of China, the central bank, said: "Financial institutions must reduce funding for zombie companies, combat speculation in real estate and lower hidden local government debts to save more financial resources for other parts of the real economy, which meet the requirements of China's supply-side reform."

Wang Zhaoxing, vice-chairman of the China Banking Regulatory Commission, agreed with Liu by saying that banking regulators will continue to effectively prevent and control debt risks in the industries with excess capacity, the real estate sector and local government financing vehicles to maintain financial stability.

Most Viewed in 24 Hours
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US