This operation confirms, if it were necessary, that the Chinese state leads, with an iron fist, the recovery in hand of all sectors of the economy.
While the new regulations restricting the room for maneuver and the profits of tech succeed one another and that President Xi Jinping has just issued a warning to the rich by inviting them to redistribute their fortune, the financial sector is no exception. big cleaning.
This is how the Chinese state comes to the aid of the company Huarong Asset Management.
A firm already under public control rather particular since it is, at least in part, what is called a defeasance structure or "bad bank", an entity bringing together bad debts.
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Above all, the company, unknown to the international public (unlike Alibaba or Tencent), was talked about at the beginning of the year, when its former president, Lai Xiaomin, was outright executed.
The 58-year-old leader was put to death on
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