China's major state-owned banks including Industrial and Commercial Bank of China and China Construction Bank have set up AICs to conduct debt-to-equity swaps in the past two years, as the country aims to cut leverage especially in state-owned entities and shift risks from banks.
BEIJING: China has allowed asset investment companies (AIC) to conduct asset management business to invest in debt-to-equity assets as regulators seek to expand equity financing and reduce leverage in the economy.
China's major state-owned banks including Industrial and Commercial Bank of China and China Construction Bank have set up AICs to conduct debt-to-equity swaps in the past two years, as the country aims to cut leverage especially in state-owned entities and shift risks from banks.
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