News eDaily22 Sep 2017

China:Official reiterates insurers to be allowed to rescue distressed firms

22 Sep 2017

A Chinese insurance regulatory official has said that the government is considering allowing insurance funds to participate in debt-to-equity swaps of distressed firms, reported Reuters.

The regulator also supports insurance funds taking part in state-owned firms’ mixed ownership reforms, Mr Jia Biao, Deputy Head of the Capital Operation Department, told reporters in a briefing in Beijing yesterday.

He also said the regulator will step up supervision of the use of insurance funds.

The remarks echoed a statement issued by the CIRC in May that said that it will encourage insurance funds to participate in debt-for-equity swap deals. CIRC also said that it would consider a negative list of non-significant equity investment by insurance companies, according to the statement.



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