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Beijing confirms bank loan roll over, Wuhu reverses property gambit

13 February 2012

China has instructed its banks to roll over loans to local governments, confirming an effective bailout of Local Government Financial Vehicle (LGFV) debt that has been underway since at least November last year (CC Nov 3 2011 Financial China). The confirmation, reported by the Financial Times today, provides some context to Premier Wen Jiabao’s comment yesterday that Beijing will “fine-tune” its economic policy this year. We think the fine-tuning will mainly come in the shape of a further loosening in liquidity policy.

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CHINA CONFIDENTIAL FUNDS

China Confidential Funds, a new research service launched by FT China Confidential, is dedicated to illuminating the mainland fund industry. Our team of fund industry experts in Shanghai search out the interesting trends in fund performance, strategy, interactions with overseas funds, regulatory changes, distribution and management. We also use a proprietary system to track the emerging flows of Chinese money. Click here to find out more.