Resolving Chinas Corporate Debt Problem PDF Download
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Author | : Wojciech Maliszewski |
Publisher | : International Monetary Fund |
Total Pages | : 43 |
Release | : 2016-10-14 |
Genre | : Business & Economics |
ISBN | : 1475545290 |
Download Resolving China’s Corporate Debt Problem Book in PDF, ePub and Kindle
Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.
Author | : David D. Li and Shan Li |
Publisher | : |
Total Pages | : 26 |
Release | : 1996 |
Genre | : |
ISBN | : |
Download Corporate debt crisis and bankruptcy Law during the transition:The Case of China.Working Paper number 9.December,1995 Book in PDF, ePub and Kindle
Author | : Eiichi Sekine |
Publisher | : |
Total Pages | : 15 |
Release | : 2014 |
Genre | : |
ISBN | : |
Download The Legal Treatment of China's Corporate Debt Problems Book in PDF, ePub and Kindle
Earlier this year repayment problems with a trust product and a default by a Chinese company on a publicly offered and listed bond attracted the interest of market participants. Both cases have been dealt with within China's existing legal framework, and investors have not suffered any untoward effects. China's corporate debt problems have been associated with sectors suffering from overcapacity and in need of reform. Such reforms will need to go hand in hand with financial reform.
Author | : David D. Li |
Publisher | : |
Total Pages | : |
Release | : 1995 |
Genre | : |
ISBN | : |
Download Corporate Debt Crisis and Bankruptcy Law During the Transition Book in PDF, ePub and Kindle
Author | : M. Ayhan Kose |
Publisher | : World Bank Publications |
Total Pages | : 403 |
Release | : 2021-03-03 |
Genre | : Business & Economics |
ISBN | : 1464815453 |
Download Global Waves of Debt Book in PDF, ePub and Kindle
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author | : W. Raphael Lam |
Publisher | : International Monetary Fund |
Total Pages | : 392 |
Release | : 2017-01-14 |
Genre | : Business & Economics |
ISBN | : 1513539949 |
Download Modernizing China Book in PDF, ePub and Kindle
China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme across the reforms that will deliver this transformation is that it can no longer be achieved by raising the amount of physical investment and government direction of resource allocation. Instead China is building a new set of policy frameworks that will allow markets to function more effectively—not unfettered markets, but markets that work efficiently, in line with broad social and other policy goals, and in a sustainable way. Hence, China is now building a new soft infrastructure, that is, the institutional plumbing that underpins and guides the functioning of markets as the key organizing principle toward achieving sustained economic and social progress. Against this background, this volume provides policymakers, academics, and the public with valuable information about policies and institutions in China today. It also looks at the road ahead and key principles that can help China in navigating it. The book focuses on issues crucial in the country’s transformation, such as tax policy and administration, social security, state-owned enterprise reform, medium-term expenditure frameworks, the role of local government finances, capital account liberalization, and renminbi internationalization. As China moves toward a more price-based allocation of resources, strengthening monetary policy frameworks and financial sector regulation will be particularly important in channeling resources to the most productive sectors and minimizing the risks of financial sector stress. Also, upgrading statistical frameworks will be critical for macroeconomic policymaking and investors. Visit : http://www.elibrary.imf.org/page/modernizing-china
Author | : W. Raphael Lam |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2017-11-27 |
Genre | : Business & Economics |
ISBN | : 1484331931 |
Download Resolving China's Zombies: Tackling Debt and Raising Productivity Book in PDF, ePub and Kindle
Nonviable “zombie” firms have become a key concern in China. Using novel firm-level industrial survey data, this paper illustrates the central role of zombies and their strong linkages with stateowned enterprises (SOEs) in contributing to debt vulnerabilities and low productivity. As a group, zombie firms and SOEs account for an outsized share of corporate debt, contribute to much of the rise in debt, and face weak fundamentals. Empirical results also show that resolving these weak firms can generate significant gains of 0.7–1.2 percentage points in long-term growth per year. These results also shed light on the ongoing government strategy to tackle these issues by evaluating the effects of different restructuring options. In particular, deleveraging, reducing government subsidies, as well as operational restructuring through divestment and reducing redundancy have significant benefits in restoring corporate performance for zombie firms.
Author | : Arthur R. Kroeber |
Publisher | : Oxford University Press |
Total Pages | : 465 |
Release | : 2020-06-05 |
Genre | : Business & Economics |
ISBN | : 0190946490 |
Download China's Economy Book in PDF, ePub and Kindle
China's economic growth has been revolutionary, and is the foundation of its increasingly prominent role in world affairs. It is the world's second biggest economy, the largest manufacturing and trading nation, the consumer of half the world's steel and coal, the biggest source of international tourists, and one of the most influential investors in developing countries from southeast Asia to Africa to Latin America. Multinational companies make billions of dollars in profits in China each year, while traders around the world shudder at every gyration of the country's unruly stock markets. Perhaps paradoxically, its capitalist economy is governed by an authoritarian Communist Party that shows no sign of loosening its grip. China is frequently in the news, whether because of trade disputes, the challenges of its Belt and Road initiative for global infrastructure, or its increasing military strength. China's political and technological challenges, created by a country whose political system and values differ dramatically from most of the other major world economies, creates uncertainty and even fear. China's Economy: What Everyone Needs to Know® is a concise introduction to the most astonishing economic and political story of the last three decades. Arthur Kroeber enhances our understanding of China's changes and their implications. Among the essential questions he answers are: How did China grow so fast for so long? Can it keep growing and still solve its problems of environmental damage, fast-rising debt and rampant corruption? How long can its vibrant economy co-exist with the repressive one-party state? How do China's changes affect the rest of the world? This thoroughly revised and updated second edition includes a comprehensive discussion of the origins and development of the US-China strategic rivalry, including Trump's trade war and the race for technological supremacy. It also explores the recent changes in China's political system, reflecting Xi Jinping's emergence as the most powerful leader since Mao Zedong. It includes insights on changes in China's financial sector, covering the rise and fall of the shadow banking sector, and China's increasing integration with global financial markets. And it covers China's rapid technological development and the rise of its global Internet champions such as Alibaba and Tencent.
Author | : Guanzhong James Wen |
Publisher | : World Scientific |
Total Pages | : 520 |
Release | : 1997 |
Genre | : Business & Economics |
ISBN | : 9789810226558 |
Download The Reformability of China's State Sector Book in PDF, ePub and Kindle
China has achieved alarming success in accelerating the economic growth rate since it started economic reform about 16 years ago.However, its state sector is still running severe deficits. Even though its productivity might be improved since the reform started, its financial situation, nevertheless, has been worsening mainly as a result of increased competition from the rapidly expanding non-state sector. Therefore, the reform of this sector has become an urgent problem.All the papers collected in this book are closely related to the various issues that the reform of the state sector has to solve.Among the contributors are Professor Merton H Miller, a Nobel laureate and expert on firm finance and governauce, Mr Ji Lin, the vice president of the Chinese Academy of Social Sciences, Dr Justin Y Lin, the director of Center of China's Economic Research at Beijing University, Professor Gang Fan, the well-known Chinese Economist and vice director of the Institute of Economic Research at the Chinese Academy of Social Sciences, Professor Guoqiang Tian, an expert on mechanism design at Texas A & M University, and many other researchers and professors from China and the North America's research institutes and universities. Therefore, this book will be extremely useful and relevant to those economists as well as government decision-makers working in the field of the transitional economy.
Author | : International Monetary Fund. Asia and Pacific Dept |
Publisher | : International Monetary Fund |
Total Pages | : 77 |
Release | : 2017-08-15 |
Genre | : Business & Economics |
ISBN | : 1484314727 |
Download People's Republic of China Book in PDF, ePub and Kindle
This Selected Issues paper examines the drivers and prospects for high levels of savings in China. China has one of the highest levels of national savings in the world, which is at the heart of its external and internal imbalances. High and rising household savings have mainly resulted from demographic changes as a result of the one-child policy and the breakdown of the social safety net during the transition from a planned to a market economy. Demographic changes will put downward pressure on national savings. Policy efforts to strengthen the social safety net and reduce income inequality are also needed to reduce savings further and faster and to boost consumption.