China’s local governments may have more than 20 trillion yuan ($3.2 trillion) of debt, former Finance Minister Xiang Huaicheng said, almost double the figure given in a 2011 report by the National Audit Office.
Industrial & Commercial Bank of China Ltd. plans to buy 20 percent of Bank Sinopac in the first mainland investment in a Taiwan lender, pushing the parent company’s share price up the most in more than three years.
China’s likely search for a successor to Zhou Xiaochuan as central bank chief is spurring focus on the nation’s banking and securities regulators as the incoming Communist leadership overhauls top government positions.
China’s plans to make its financial system more market-based and expand the yuan’s role as a global currency are incentives to extend the tenure of the nation’s longest-serving central bank governor, analysts said.
China will steadily expand margin trading and short selling, and develop financial derivatives, Shang Fulin, chairman of the China Securities Regulatory Commission, said at a financial forum in Shanghai.