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Beijing talks tough on European debt
HONG KONG (MarketWatch) — As Chinese Premier Wen Jiabao last week called for a speedy and comprehensive resolution to the debt stalemate in Europe, including “fundamental fiscal and financial” reform, one thought is perhaps his bold advice should be heeded at home.
Analysts are struggling to keep track of recent moves to put a lid on China’s escalating debt troubles, as worries swing from non-performing loans to an out-of-control shadow-banking sector.
Two weeks ago, a mainland Chinese sovereign-wealth fund was buying shares in the four large state-owned banks to shore up confidence, while last week, it was announced various provincial governments will be allowed to resume issuing bonds after a 17-year break.
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