CM – China’s Xi Jinping Examines Financial-Private-Firms Links: Report


Chinese President Xi Jinping is reviewing the links the country’s state banks and other financial institutions have built with large private companies, the Wall Street Journal reported Monday, citing people familiar with the plan.

The inspections focus on whether state banks, mutual funds, and financial regulators have gotten too friendly with private companies, especially those that have come under fire from Beijing in recent months, including the debt-laden China Evergrande Group, transportation giant Didi Global Inc and the top-class fintech company Ant Group, the report says.

The Citic Group, one of Evergrande’s most important lenders, is one of the institutes examined, the report says. The company did not immediately respond to a Reuters request for comment.

The investigation is led by China’s leading anti-corruption agency and, according to the report, includes 25 financial institutions.

Officials from the Central Disciplinary Inspection Commission are examining loan files at these institutions , Investments and regulatory records, the report said.

The firms suspected of doing improper business are likely to be officially investigated by the Communist Party and possibly later indicted, the quoted people told the Wall Street Journal .

In recent months, Chinese regulators have focused on sectors ranging from technology to education to real estate, targeting some of the country’s largest companies like Alibaba Group and Tencent Holdings.

(With the exception of the headline, this story was not written by N Edited by DTV staff and published via a syndicated feed.)

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