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Chinese Local Govts Set Up Credit Funds For SOE Bond Risks: Herald

CHINA PRESS
MNI (Singapore)

Many provinces in China including Hebei, Henan and Guangxi have set up, or are prepared to establish, credit guarantee funds to help resolve risks of state-owned enterprise bonds, the 21st Century Business Herald reported. Such funds are mainly sourced from local finances, SOEs and financial institutions, and will provide credit guarantees and short-term liquidity support for up to three months to SOEs to avoid bond defaults, the newspaper said citing an unnamed insider. The establishment of such funds can help to improve local credit environment, though the final effect could still be limited by the attitude of the government, the management model and size of the fund, the newspaper said citing analysts.

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