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  • August 28, 2014
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Results 1 - 10 of 34 for state-owned enterprises

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  1. Business - Comment - MONITOR

    Danger signals as China's state sector leverage reaches new heights

    Posted May 09th 2013, 12:00am by Tom Holland

    ... That does not mean there is going to be a rash of corporate defaults. If necessary the government will order mainland banks to support indebted state-owned companies. But the trend of rising state ... before the crisis. Again, the deterioration is concentrated in the state sector, where returns on assets are a third below those at private companies. As a result state-owned companies face ...

  2. Business - Banking & Finance - MONITOR

    Beijing's latest rate reform makes no difference at all

    Posted Jul 22nd 2013, 12:00am by Tom Holland

    ... by state-owned enterprises. So, for the time being, real interest rate reforms remain off the table. tom.holland@scmp.com ... fiddling with lending rates will have little impact. State-owned banks will continue to lend the bulk of their quotas to well-connected state-owned companies regardless of rates, comfortable ...

  3. Business - Comment - MONITOR

    The road to convertibility is paved with repression

    Posted May 08th 2013, 12:00am by Tom Holland

    ... The party-state relies on its control of China's financial system to allocate cheap capital to favoured state-owned enterprises. The senior party officials who control these corporations then use ... to the politically important state sector. Then with its funding pool held captive and its source of cheap capital for state-owned enterprises guaranteed, Beijing would have more room to internationalise ...

  4. Business - China Business - MONITOR

    No sign of an end to China markets' woeful performance

    Posted Jul 05th 2013, 12:00am by Tom Holland

    ... Party to further its own political aims of reforming China's state-owned enterprises to ensure their continued dominance over the economy. As a result, the listing rules were drawn up ... state-owned companies to raise capital. As a result, minority shareholders have minimal rights, while the regulator has shied away from policing China's listed companies, consistently turning ...

  5. Business - Comment - MONITOR

    True size of Beijing's deficit matches Japan's black hole

    Posted Jun 12th 2013, 12:00am by Tom Holland

    ... order of magnitude as Tokyo's budgetary black hole. Similarly, China's gross government debt- excluding pension obligations, liabilities of regular state-owned enterprises and contingent liabilities in the state-owned banking sector- shoots up from 23 per cent of GDP to almost 50 per cent. It could be argued that these "augmented" figures are not especially ...

  6. Business - Comment - MONITOR

    The good news about China hidden by lousy official data

    Posted Mar 12th 2013, 12:00am by Tom Holland

    ... shot up over the past five years, while returns on equity among state-owned industrial companies have fallen from 15 to 12 per cent. In contrast, private-sector leverage has declined while ... access to endless cheap loans and encouraged to invest regardless of project profitability. On the other, there is China's legion of private enterprises, which battle to survive ...

  7. Business - Comment - MONITOR

    Stock market under Guo shows how politics clashes with reform

    Posted Jan 31st 2013, 12:00am by Tom Holland

    ... the regulator's job was to ensure that state-owned enterprises were able to raise equity capital at cheap rates. As a result, unlike regulators elsewhere, the CSRC did not stick to satisfying itself ...

  8. Business - Comment - MONITOR

    Reform pledges likely to hurt both stock prices and yuan

    Posted Nov 27th 2013, 03:32am by Tom Holland

    ... Tom Holland Beijing's liberalisation policies are likely to mainly hit the mainland's state-owned firms, with private-sector competition eroding margins Reform pledges likely ... China's state sector companies, which make up the bulk of the mainland's stock market capitalisation. If the promised reforms are pushed through, privileged state-owned companies will find ...

  9. Business - China Business - MONITOR

    It's tough, but China must let trust company products fail

    Posted Jan 27th 2014, 04:23am by Tom Holland

    ... that sell them. In other words, savers typically see an investment in trust company loans as the equivalent of a zero-risk deposit in a state-owned bank, only with a higher return. At the same time, ...

  10. Business - Comment - MONITOR

    Beijing's financial reforms will push up interest rates

    Posted Jan 16th 2014, 11:41pm by Tom Holland

    ... desperately needed Beijing must also stress that the government does not guarantee bank loans to state-owned companies or local government-backed investment projects. Only when these implicit ...




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