Page 490 - 2021 White Paper
P. 490
1 White Paper on the Business Environment in China
Under the structure the perpetual bonds will be Stable.” Fitch Ratings: Credit Ratings & Analysis For
written off without equity conversion in the case Financial Markets, 3 Nov. 2020, www.fitchratings.
of a non-viability trigger event. The Chinese central com/research/insurance/fitch-affirms-china-life-ifs-
government first gave its approval to the issuance at-a-outlook-stable-03-11-2020.
of perpetual bonds by Chinese banks at the start
of 2019, in a bid to provide domestic lenders with Hu, Yuanyuan. “Insurance Premium Growth to
more channels for capital replenishment. As of Remain Positive in 2020.” Chinadaily.com.cn, 14
mid-September 2020, Chinese banks had used July 2020, www.chinadaily.com.cn/a/202007/14/
perpetual bonds to raise nearly a trillion RMB in WS5f0d12b3a310834817259405.html.
funds (CBNEditor, Bank of Communication).
Isjwara, Rebecca, and Rehan Ahmad . “Banking
Works Cited Essentials Newsletter - November Edition.” Banking
Essentials Newsletter - November Edition | S&P
CBNEditor. “Bank of Communications Completes Global Market Intelligence, 10 Nov. 2020, www.
First Offshore Issuance of Perpetual Bond by a spglobal.com/marketintelligence/en/news-insights/
Chinese Bank.” China Banking News, 26 Nov. 2020, blog/banking-essentials-newsletter-november-
www.chinabankingnews.com/2020/11/26/bank-of- edition.
communications-completes-first-offshore-issuance-
of-perpetual-bond-by-a-chinese-bank/. Lee, Yen Nee. “Chinese Banks' Profits Will Weaken
Even More in the Second Half of 2020, Says Fitch
CBNEditor. “Further Opening of Financial Sector Ratings.” CNBC, CNBC, 4 Sept. 2020, www.cnbc.
Is Inevitable: Chinese Central Bank Chief.” China com/2020/09/04/chinese-bank-profits-will-weaken-
Banking News, 27 Oct. 2020, www.chinabankingnews. further-in-second-half-of-2020-fitch-says.html.
com/2020/10/27/further-opening-of-financial-
sector-is-inevitable-chinese-central-bank-chief/. Leng, Cheng, et al. “China's Banking Sector
Expected to Dispose $490 Billion of Bad Loans
CBNEditor. “International Forecasters Upbeat on in 2020: Xinhua.” Reuters, Thomson Reuters, 13
Chinese GDP Growth in 2020, 2021.” China Banking Aug. 2020, www.reuters.com/article/us-china-
News, 26 Nov. 2020, www.chinabankingnews. banks-loans/chinas-banking-sector-expected-to-
com/2020/11/26/international-forecasters-upbeat- dispose-490-billion-of-bad-loans-in-2020-xinhua-
on-chinese-gdp-growth-in-2020-2021/. idUSKCN2590CV.
Cheng, Evelyn. “China Is Open to Taking on Liu, Lucille, et al. “China’s Finance World Opens Up
More Debt If That's What It Takes to Support the to Foreigners, Sort Of.” Bloomberg.com, Bloomberg,
Economy.” CNBC, CNBC, 16 Oct. 2020, www.cnbc. 22 Jan. 2020, www.bloomberg.com/markets/fixed-
com/2020/10/16/china-is-open-to-more-debt-to- income?sref=ChcKRUCF.
support-its-economy.html.
Xinhua. “China Focus: China's Financial Sector
Deloitte. “Review and Outlook on China Banking Accelerates Opening up amid Pandemic.” Xinhua,
Industry 2019-2020: Deloitte China: Financial 7 Sept. 2020, www.xinhuanet.com/english/2020-
Services.” Deloitte China, 7 May 2020, www2.deloitte. 09/07/c_139349899.htm.
com/cn/en/pages/financial-services/articles/
outlook-on-china-banking-industry-2020.html. Xinhua. “China's Insurance Sector Reports
Premium Income Growth.” Xinhua, 31 Aug. 2020, www.
FC. “A New Decade of Reforms, Challenges and xinhuanet.com/english/2020-08/31/c_139331930.
Opportunities.” Finance China 2020, Nov. 2020, htm.
www.theasianbanker.com/finance-china2020/.
Fitch. “Fitch Affirms China Life's IFS at 'A+'; Outlook
490
Under the structure the perpetual bonds will be Stable.” Fitch Ratings: Credit Ratings & Analysis For
written off without equity conversion in the case Financial Markets, 3 Nov. 2020, www.fitchratings.
of a non-viability trigger event. The Chinese central com/research/insurance/fitch-affirms-china-life-ifs-
government first gave its approval to the issuance at-a-outlook-stable-03-11-2020.
of perpetual bonds by Chinese banks at the start
of 2019, in a bid to provide domestic lenders with Hu, Yuanyuan. “Insurance Premium Growth to
more channels for capital replenishment. As of Remain Positive in 2020.” Chinadaily.com.cn, 14
mid-September 2020, Chinese banks had used July 2020, www.chinadaily.com.cn/a/202007/14/
perpetual bonds to raise nearly a trillion RMB in WS5f0d12b3a310834817259405.html.
funds (CBNEditor, Bank of Communication).
Isjwara, Rebecca, and Rehan Ahmad . “Banking
Works Cited Essentials Newsletter - November Edition.” Banking
Essentials Newsletter - November Edition | S&P
CBNEditor. “Bank of Communications Completes Global Market Intelligence, 10 Nov. 2020, www.
First Offshore Issuance of Perpetual Bond by a spglobal.com/marketintelligence/en/news-insights/
Chinese Bank.” China Banking News, 26 Nov. 2020, blog/banking-essentials-newsletter-november-
www.chinabankingnews.com/2020/11/26/bank-of- edition.
communications-completes-first-offshore-issuance-
of-perpetual-bond-by-a-chinese-bank/. Lee, Yen Nee. “Chinese Banks' Profits Will Weaken
Even More in the Second Half of 2020, Says Fitch
CBNEditor. “Further Opening of Financial Sector Ratings.” CNBC, CNBC, 4 Sept. 2020, www.cnbc.
Is Inevitable: Chinese Central Bank Chief.” China com/2020/09/04/chinese-bank-profits-will-weaken-
Banking News, 27 Oct. 2020, www.chinabankingnews. further-in-second-half-of-2020-fitch-says.html.
com/2020/10/27/further-opening-of-financial-
sector-is-inevitable-chinese-central-bank-chief/. Leng, Cheng, et al. “China's Banking Sector
Expected to Dispose $490 Billion of Bad Loans
CBNEditor. “International Forecasters Upbeat on in 2020: Xinhua.” Reuters, Thomson Reuters, 13
Chinese GDP Growth in 2020, 2021.” China Banking Aug. 2020, www.reuters.com/article/us-china-
News, 26 Nov. 2020, www.chinabankingnews. banks-loans/chinas-banking-sector-expected-to-
com/2020/11/26/international-forecasters-upbeat- dispose-490-billion-of-bad-loans-in-2020-xinhua-
on-chinese-gdp-growth-in-2020-2021/. idUSKCN2590CV.
Cheng, Evelyn. “China Is Open to Taking on Liu, Lucille, et al. “China’s Finance World Opens Up
More Debt If That's What It Takes to Support the to Foreigners, Sort Of.” Bloomberg.com, Bloomberg,
Economy.” CNBC, CNBC, 16 Oct. 2020, www.cnbc. 22 Jan. 2020, www.bloomberg.com/markets/fixed-
com/2020/10/16/china-is-open-to-more-debt-to- income?sref=ChcKRUCF.
support-its-economy.html.
Xinhua. “China Focus: China's Financial Sector
Deloitte. “Review and Outlook on China Banking Accelerates Opening up amid Pandemic.” Xinhua,
Industry 2019-2020: Deloitte China: Financial 7 Sept. 2020, www.xinhuanet.com/english/2020-
Services.” Deloitte China, 7 May 2020, www2.deloitte. 09/07/c_139349899.htm.
com/cn/en/pages/financial-services/articles/
outlook-on-china-banking-industry-2020.html. Xinhua. “China's Insurance Sector Reports
Premium Income Growth.” Xinhua, 31 Aug. 2020, www.
FC. “A New Decade of Reforms, Challenges and xinhuanet.com/english/2020-08/31/c_139331930.
Opportunities.” Finance China 2020, Nov. 2020, htm.
www.theasianbanker.com/finance-china2020/.
Fitch. “Fitch Affirms China Life's IFS at 'A+'; Outlook
490
