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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China warns local govt on investment agencies AP - Sunday, June 13 Send IM Story Print BEIJING – China's Cabinet ordered local governments Sunday to better manage their investment agencies amid concern that their borrowings _ estimated at hundreds of billions of dollars _ could cause problems for Chinese banks. The State Council also directed banks to control lending to these agencies by targeting loans at specific projects and monitoring how the credit is used. Chinese banks have escaped the mortgage-related turmoil that hit Western financial institutions and triggered the global economic downturn, but analysts warn that a lending boom driven by government stimulus spending could leave lenders with a mountain of bad loans. In May, the State Council ordered a review of the investment agencies after the World Bank and central bank warned about debt levels and said banks could face losses if the agencies cannot repay their debts. Such agencies invested heavily in real estate and infrastructure as part of Beijing's stimulus spending. "There are some problems that have occurred that require a high degree of attention," said a statement dated Thursday but only posted on the State Council's website Sunday. "Mainly, the size of debt-financing of the financing platform companies has swelled rapidly, while their operations are not standardized," it said. Finance platform companies refers to the investment agencies. Chinese media say local government investment agencies owe 6 trillion yuan ($880 billion) to state banks. An American researcher, Victor Shih of Northwestern University, estimates total local government borrowing in 2004-09 at 12 trillion yuan ($1.6 trillion). The State Council statement said some banks and financial organs had poor risk awareness while investment agencies lacked adequate credit management. Local governments, it said, have also broken rules. They are not allowed to use state-owned assets or government revenues to offer guarantees, directly or indirectly, for the investment agencies. State banks were long expected to prop up government companies, lending to them regardless of their ability to repay. The government has written off some $400 billion in non-performing loans at state banks in the past decade. The central government paid for only one-quarter of its 4 trillion yuan ($586 billion) stimulus plan. The rest came from state companies and borrowing by lower-level governments from state banks. Recommend Send IM Story Print Related Articles Foxconn suicides inquiry to go public: report AFP - 2 hours 42 minutes ago SKorea announces plan to battle capital volatility AP - Sunday, June 13 Oil prices mixed after big gains this week AFP - Saturday, June 12 Wall Street rally pushes Asian markets higher AFP - Saturday, June 12 Global markets surge on upbeat growth prospects AFP - Friday, June 11 News Search Top Stories Belgium votes amid fears of a national split Obama sees Mideast 'progress' possible this year UN to slap fresh sanctions on Iran Iran says no talks on nuclear issue if sanctioned White House press legend quits amid Israel row More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Euro to hit dollar parity in 2011, if still exists: analyst Search for survivors in deadly US floods resumes Britain honours actress Zeta-Jones, F1 racer Coulthard Eurozone debt fears force France to pay higher rates Oil stops gushing from Gulf of Mexico well More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture Clashes as Israeli forces storm Gaza aid boat: Hamas TV Egypt unearths tomb of pharaonic army chief Physicists solve mystery of missing neutrinos More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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