China’s property market abuzz as authorities walk tightrope to recall illegal loans
Letter circulating online requested the repayment of a loan and the interest ‘because the borrower failed to fulfil the purpose of the debt according to the loan agreement’
Outstanding household borrowing at the end of 2020 stood at 63.19 trillion yuan (US$9.7 trillion), the equivalent of 62 per cent of Chinese gross domestic product
American Rescue Plan: China worried about economic impact of Joe Biden’s US$1.9 trillion coronavirus bailout
US President Joe Biden’s US$1.9 trillion American Rescue Plan received final approval from the US Congress on Wednesday
It was signed into legislation on Thursday, but concerns have been raised about its potential to cause further financial market turmoil
Global markets are starting to see side effects of fiscal and monetary policy steps in response to the COVID-19 pandemic, Guo Shuqing, head of the China Banking and Insurance Regulatory Commission
China s financial technology companies are expected to meet capital adequacy requirements within a maximum of two years, said Guo Shuqing, head of the China Banking and Insurance Regulatory Commission (CBIRC) on Tuesday. Micro lenders, consumer finance firms and banks operated by internet platforms should all have adequate capital like other financial institutions, Guo said at a news conference. Chinese financial regulators have rolled out a slew of measures since last year to tighten the oversight of online lending practices in the country, particularly of technology firms looking to expand into the financial space, moving away from its once laissez-faire approach.