(Reuters) - China's state banks make money "too easily" and their monopoly on financial services has to be broken if cash-starved private enterprises are to get access to capital when they need it, state media cited Premier Wen Jiabao as saying on Tuesday.
China's premier called the country's big banks a monopoly that needed to be broken to get money flowing to cash-starved private firms, as the nation's economy appears to have skidded to its slowest growth ...
(Reuters) - China's premier called the country's big banks a monopoly that needed to be broken to get money flowing to cash-starved private firms, as the nation's economy appears to have skidded to its slowest growth in three years.
Chinese and German firms signed more than $15 billion worth of deals on Tuesday during a visit to Berlin of business and political leaders, Premier Wen Jiabao said."The contracts signed today represent more than $15 billion," Wen told reporters in a joint news conference with Chancellor Angela Merkel in the German capital.The deals included one for 62 A320s from Franco-German aircraft manufacturer Airbus, signed by Airbus chief Tom Enders, China Aviation Supplies head Li Hai and Li Xiaopeng, Industrial and Commerce Bank of China Leasing chairman.
The manufacturing slowdown in China continues for the third consecutive month prompting a Bloomberg headline China Manufacturing Boosts Case for Easing
A Chinese purchasing managers’ index signaled manufacturing may contract for a third month as a slowing economy boosts the case for the government to further loosen credit controls.
NEW YORK/HONG KONG — JPMorgan Chase & Co paid US$1.8 million over two years to a small consulting firm run by the daughter of former Chinese Premier Wen Jiabao, The New York Times reported on Thursday, a relationship that is part of a wider U.S. probe into the Wall Street bank’s hiring practices in the region.
The Ponzi schemes and off-balance sheet loans in China's banking system are in the forefront of today's news. Reuters reports Bank of China executive warns of shadow banking risks
A senior Chinese banking executive has warned against the proliferation of off-book wealth management products, comparing some to a Ponzi scheme in a rare official acknowledgement of the risks they pose to the Chinese banking system.
On Friday, China’s Ministry of Finance sold only 9.53 billion yuan of government bills, far less than the 15 billion yuan offered. It was the first failed Finance Ministry auction since July 2011. To add insult to injury, Beijing had to pay 3.76% on the 273-day bills, higher than the 3.14% yield on similar obligations already in the market. That’s the second failed Chinese auction this month. The state-owned Agricultural Development Bank of China sold only 11.51 billion yuan of six-month bills in a 20-billion-yuan offering on the 6th.