China Plans Merger of Big Bad Debt Managers
Reformation of Financial Institutions
China is reportedly preparing to merge three of its largest bad debt managers into its sovereign wealth fund, China Investment Corp., according to Xinhua News Agency, citing unidentified sources.
The specific details regarding the transfer of China Cinda Asset Management Co., China Orient Asset Management Co., and China Great Wall Asset Management Co. have not been made clear in the report. However, Xinhua News Agency mentioned that this move is part of China’s overall plan to reform its financial institutions, as reported in a brief article on Sunday.
