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伦敦《金融时报》02/29/2000 报道:中国在海南开始关闭国际信托投资公司(评论见末)

China closes ITICs in Hainan

By James Kynge in Beijing - 29 Feb 2000 18:35GMT

版权所有 (c) The Financial Times Limited 2000

China has shut down an international trust firm in the southern province of Hainan and is set to close several more, signalling a renewed effort to clean up the operations of some 240 "Itics" - the vehicles through which local governments raise funds overseas.

Foreign creditor banks, which have lent several billions of US dollars to the international trust and investment companies, may have to take a "haircut" on debt repayments as the Itics are closed, merged or restructured, officials said.

The collapse in 1998 of the Guangdong International Trust and Investment Corp. (GITIC), with debts of US$4.7bn, has forced its foreign creditors to write off a significant portion of their lending to GITIC.

The Hainan Hong Kong and Macao International Trust and Investment company was closed on Saturday because its debts far exceeded assets and "it seriously violated business rules", a government official, who declined identification said on Tuesday.

The trust company was small in comparison to many among China's Itics. But in spite of its small size, the closure of the Hainan Hong Kong and Macao Itic is indicative of something much bigger, officials said. It signifies that authorities are preparing to shut or restructure the other Itics in Hainan, and thereafter throughout the country over the next several months.

"The general idea is that after the restructuring is over, only one Itic will be left in each province and municipality, apart from in Beijing, where there may be a few left," said one official.

The management of the Hainan Hong Kong and Macao Itic closure revealed that payment of foreign creditors is not a top priority. A task force set up by the Bank of China's asset management company, China Dongfang Asset Management Corp, has identified compensation for individual depositors as its top priority.

Other Hainan Itics have ceased operations and are awaiting either closure or restructuring. Saige Itic on the island has failed to pay staff for more than one year and has suffered a recent run on deposits, officials and Itic executives said. It is expected to be put into receivership soon, officials said.

The province's largest foreign borrower, the Hainan Itic, has ceased taking deposits and making loans, although it is still seeking creditors to help cover liabilities. The provincial government is keen to avoid closure for the Hainan Itic because of the negative impact that this would have on the provinces international reputation.

Its options, and those of another troubled Hainan-based Itic, the Huitong Itic - which has borrowed heavily from South Korean creditors - are limited to a bail out by either the provincial or central government, or closure and possible rebirth following a restructuring arranged by one of the "big four" state banks' asset management companies.

"I don't think the local government can afford to bail out all of the Hainan Itics. They will have to close them," said one financial official on the island in southern China.

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98年末“广信”倒台的时候,中国各地的国际信托投资公司已经被中央政府盯上。报道说,尽管这次海南关闭的“港澳国际信托投资公司”是个小字号,但是官方已经表明立场,大的还要砍,直到砍到以个省只有一个。

文章说,关闭之后,把对个人债权人的清偿工作放在首位,而非清偿海外机构债权人。

日前 ChinaOnline 转述中国人民银行官员的话说,中央政府不希望海外对中国的人民币汇率产生“稳定挂靠美圆”的错觉。尽管目前仍实施一定范围内的调控汇率,但是人民银行已经发文,说今年将进一步放宽调控空间,现行的美圆对人民币 1: 8.28 并非一个“固定”的“官方”汇率。浮动的范围还要加大,直到进入 WTO 后,逐渐实现人民币的全面自由兑换。如果预期汇率放开由市场调节时,人民币将要贬值,那么大额的外币坏债清付或者干脆破产抹掉也是一种办法:人民币如果贬值,清偿外债就不会带来巨大的财政压力了。

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