A government move to clean up loans backfires

ARTICLE - China's four asset-management companies are supposed to be the cutting edge of the government's strategy to clean up the banking system. They may, in fact, end up doing more harm than good--by posing a threat to the health of the body that funded them, the central bank.

First published in the Far Eastern Economic Review, Issue 14 November.

Two economists with the Bank for International Settlements in Hong Kong, Ma Guonan and Ben Fung, said in a report in August that the People's Bank of

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