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Full-Text Articles in Social and Behavioral Sciences
China: 1999 Asset Management Corporations, Lily S. Engbith
China: 1999 Asset Management Corporations, Lily S. Engbith
Journal of Financial Crises
Chinese financial authorities began to liberalize their economy in the 1970s, though it would take two more decades to realize a solution to the massive non-performing loan (NPL) problem faced by state-owned commercial banks (SOCBs). In order to remove and dispose of bad assets left over from the policy-lending era of the former command economy, the State Council created four public asset management corporations (AMCs) between April and October of 1999. The AMCs, under the administration of the Ministry of Finance, were responsible for the acquisition, management, and disposal of NPLs from their assigned state-owned commercial bank. In addition to …