China state assets regulator says debt reduction, curbing risks still key

China’s Finance Minister Xiao Jie has tried to defuse concern over the country’s rising debt, saying government borrowing is below danger levels. (AP)
Updated 10 March 2018
0

China state assets regulator says debt reduction, curbing risks still key

BEIJING: Reducing debt and curbing risks remain priorities for China’s state-owned firms, the head of the country’s state assets regulator said on Saturday, as Beijing continues its restructuring and deleveraging efforts.
State-owned firms would be pushed to improve their asset quality and boost their equity capital, Xiao Yaqing, chairman of the State Assets Supervision and Administration Commission, told reporters on the sidelines of China’s annual meeting of parliament.
The regulator also would seek to use debt-for-equity swaps to further reduce debt at state-owned companies, he added.
In 2015, Beijing introduced reforms to its state-owned industrial sector aimed at strengthening central government-owned enterprises, while introducing more professional management systems such as the adoption of boards of directors.
Xiao said those reforms would quicken.
The sector reported a rebound last year, with enterprises owned by China’s central government showing profit growth of 15.2 percent, to 1.4 trillion yuan ($221.2 billion), the fastest in five years.
Total profit from China’s central government-owned firms for the first two months of 2018 rose 22.6 percent from a year earlier to 266.7 billion yuan ($42.1 billion), Xiao said.


UK Treasury chief vows to quit if Boris Johnson becomes PM

Updated 21 July 2019
0

UK Treasury chief vows to quit if Boris Johnson becomes PM

  • Hammond is the third minister within a week to quit or say they will resign in order to try to block a no-deal Brexit
  • Johnson is the strong favorite to win a two-person runoff to lead the Conservative Party and the country

LONDON: British Treasury chief Philip Hammond says he will quit if — as widely expected — Boris Johnson becomes prime minister this week.
Hammond said Sunday that Johnson’s vow to take the UK out of the European Union on Oct. 31 with or without a divorce deal is “not something that I could ever sign up to.”
He is the third minister within a week to quit or say they will resign in order to try to block a no-deal Brexit. Economists say leaving the EU without a deal would cause Britain economic turmoil.
Johnson is the strong favorite to win a two-person runoff to lead the Conservative Party and the country. The winner is being announced Tuesday, with the victor taking over from Prime Minister Theresa May on Wednesday.