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在线翻译:
szdaily -> Business
Governments urged to join debt-for-equity program
    2017-August-3  08:53    Shenzhen Daily

LOCAL governments in China have been urged to set up new funds to participate in market-driven debt-for-equity swaps, the State planner said Tuesday, as the government looks to ease corporate indebtedness.

Local governments were encouraged to bring private capital and other investors as co-investors into such funds in order to broaden funding for the swap program, the National Development and Reform Commission (NDRC) said on its website.

China’s policymakers re-launched a debt-for-equity program in October last year aiming to expand sources of investment capital for firms struggling under the heavy pressure of debt.

“Supporting firms with good development prospects but high debt levels through local-government-backed investment funds ... can help attract social capital to debt-for-equity swaps and effectively reduce corporate leverage ratios,” the NDRC statement said.

Under debt-for-equity swap programs investors get equity stakes in firms and the firms are able to lower their debt burden, though the specifics of each deal are different and often complex. (SD-Agencies)

 

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