China 

China’s social credit system stops the sale of over 26 million plane and train tickets

China has restricted the sale of 20.47 million plane tickets and 5.71 million high-speed train tickets as punishment for failing to repay debts or conducting other “untrustful” behaviour, according to data from National Development and Reform Commission.Millions of individuals and businesses have been labelled as untrustworthy on a growing blacklist compiled by China’s courts, banning or restricting them from any number of activities, including accessing financial markets or travelling by air… Source link

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Credit Suisse to take controlling stake in Chinese securities joint venture

Credit Suisse said on Monday that its plans to take a controlling stake in its securities joint venture in China, the latest overseas firm to take advantage of Beijing’s efforts to further open the country’s financial services industry.China announced in 2017 that it would allow foreign banks to own majority stakes in their securities joint ventures as part of an effort to open up its banking sector. UBS was the first foreign bank to receive approval from regulators in November to increase its… Source link

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Stocks Blog: China's surging credit data brightens stock outlook

Welcome back to the SCMP’s live stocks blog. Each day, we cover the mainland and Hong Kong markets closely, telling you what is happening and why. We also feature our “Crystal Ball,” in which leading experts offer you their insights on where they think sectors and companies are going. We hope you will check in with us many times a day, to keep up with the latest action and better learn these incredibly important markets. Your market guides today will be Zhang Shidong in Shanghai and Deb… Source link

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Vietnam 

Credit growth limited at 15% for best banks in 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Vietcombank was among few banks that met Basel II’s capital safety and risk management standards ahead of schedule. Photo Vietcombank HÀ NỘI The State Bank of Việt Nam (SBV) has assigned a credit growth limit to each commercial bank in 2019, with priority given to those who met Basel II’s capital safety and risk management standards ahead of schedule. According to the current regulation, the SBV sets a credit growth limit for the entire year for each bank – depending on its health – to ensure the credit growth target…

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Property 

China's land auction premiums rebound as credit taps reopen to developers

Chinese developers have become more aggressive in acquiring land at auction in second-tier cities,emboldened by improved financing and a stronger sales outlook.The average land auction premium over starting bidding prices in 300 major Chinese cities monitored by property consultancy China Index Academy rose to 23.7 per cent in March, compared with 10 per cent in February.The average land premium among second tier cities reached 24 per cent during the month, while average land prices jumped 46… Source link

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Standard Poor’s upgrades BIDV’s credit ratings – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    A BIDV branch in Hà Nội. BIDV’s long-term issuer credit rating has been improved by one notch to BB- by Standard & Poor’s. — Photo bidv.com.vn HÀ NỘI — Global ratings agency Standard & Poor’s has upgraded the long-term issuer credit rating of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) by one notch from B+ to BB- and kept the outlook “stable”. It said the rating action follows its upgrade of Việt Nam’s sovereign credit rating to ‘BB/B’ from ‘BB-/B’, reflecting BIDV’s high systemic importance to…

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Vietnam 

SP raises VN’s credit rating with a stable outlook – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Tra fish processed for export at Cửu Long An Giang Seafood Import – Export Company in An Giang Province. S&P gave a stable outlook on Việt Nam, reflecting expectation that the economy would continue to expand rapidly.  — VNA/VNS Photo Vũ Sinh HÀ NỘI  Standard and Poors (S&P) Global Ratings’ recent upgrade of its long-term sovereign credit rating for Việt Nam, the first time since 2010, was expected to help the country to attract more foreign investments into the economy and expand exports. Late last week, S&P raised its long-term…

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China 

China’s new credit rating system will even monitor people’s utility bill payments

A new consumer credit rating system being developed by China’s central bank could go so far as to record whether people have paid their utility bills, according to a state media report.The People’s Bank of China has been building a database of individuals’ spending and payment records for some time, and an initial version of it is expected to be ready to go into service soon, Xinhua said on Saturday.As Beijing battles soaring corporate and personal debt levels, the aim of the project is to… Source link

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It’s time for China to allow foreign credit rating agencies into its US$13 trillion bond market, say experts

International rating agencies must be allowed to operate in China if foreign money is to flow freely into its bond market, said industry experts.China’s US$13 trillion bond market, the world’s third largest, is gradually opening up to foreign players as it starts to join global bond benchmarks.The next key step must be for all global rating agencies to be granted access to the Chinese market, so overseas investors can understand and compare the ratings with those at home, said Nick Gendron,… Source link

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Vietnam 

Credit institutions recover nearly $8.8b of bad debts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Credit institutions in Việt Nam settled more than VNĐ204.4 trillion (US$8.77 billion) of non-performing loans (NPLs) by the end of Q1 2019. VNA/VNS Photo HÀ NỘI — Credit institutions in Việt Nam settled more than VNĐ204.4 trillion (US$8.77 billion) of non-performing loans (NPLs) by the end of the first quarter this year, said Nguyễn Thị Hồng, deputy governor of the State Bank of Việt Nam (SBV). The bad debts accounted for 40.1 per cent of the total, Hồng said. SBV reports also showed banks handled VNĐ149.22 trillion (US$6.37 billion) of…

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