China's four largest banks refer to China Industrial and Commercial Bank, China Construction Bank, China Bank and China Agricultural Bank. China Industrial and Commercial Bank mainly handles industrial and commercial credit business, China Construction Bank mainly handles capital construction investment, China Bank mainly handles foreign-related credit, and China Agricultural Bank mainly serves agricultural development and construction.
The Ministry of Finance of People's Republic of China (PRC) is the financial department of the State Council, People's Republic of China (PRC). Its predecessor was the Ministry of Finance of the Central People's Government established by 1949 65438+ 10/month.
1999 for the listing of the four major banks, the Ministry of Finance set up four asset management companies to deal with the bad debts of the four major banks. Cinda corresponds to CCB, Huarong corresponds to ICBC, the East corresponds to BOC, and the Great Wall corresponds to ABC.
The Ministry of Finance provides each of the four major companies with a capital of 10 billion yuan, and the time limit for the four major asset management companies to dispose of the corresponding non-performing assets is 10 year. At present, the four major companies have completed their historical mission, but at the same time, they also have a lot of losses.
The Ministry of Finance and Cinda Asset Management Company set up a joint management fund to ensure the repayment of the principal of the bonds issued by Cinda to CCB with a face value of 247 billion yuan. The Ministry of Finance will continue to support the repayment of interest on Cinda bonds. In other words, the Ministry of Finance is using public revenue to wipe the bottoms of the four major asset management companies.
The four major asset management companies originally planned to exist for 10 years, but now the government has found a good idea to use fiscal revenue or fiscal deposits to strip off the bad debts of the four major asset management companies, so that the four major asset management companies can also go public like the four major banks, and the Ministry of Finance can also get rid of big burdens and big time bombs.