It looks like subprime derivatives on steroids: China hopes to bundle together billions of dollars’ worth of non-performing loans and eventually sell them to global investors.
Such a massive securitisation programme would represent the latest tactic in China’s campaign to lift one of the biggest shadows cast over its slowing economy — a debt pile that is as big as 230 per cent of GDP.
It would whittle back debts at Chinese banks and move some of the risk outside the domestic financial system. According to official figures, such debts have reached Rmb1.27tn ($194bn), while analysts estimate the real number is likely to be many times higher.
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