Beijing has warned it will show “zero tolerance” for financial misconduct after several high-profile bond defaults by state-owned companies roiled the Chinese debt market.
Speaking at a meeting for the committee that oversees China’s financial sector over the weekend, vice premier Liu He said authorities would “severely” crack down on illegal behaviour on bond financing, ranging from “malicious” transfer of assets to misuse of funds.
The comments come as one of China’s largest coal companies Yongcheng Coal and Electricity Holding Group this week faces potential defaults on Rmb26.5bn ($4bn) worth of bonds after it missed a Rmb1bn debt payment earlier this month.
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