Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Trip.com Reports First Quarterly Profit of 2020 as Travel Recovers
Tesla Rival Li Auto Plans New Share Sale to Bankroll R&D
Alibaba Logistics Arm Chills with Ethiopian Airlines to Transport Covid-19 Vaccines
LATEST
JD Logistics Takes Pitches from Banks for Planned Hong Kong IPO in 2021
New Rules Derail Mega Livestreaming E-Commerce Deal
Trending in China: Why Are People Queuing Eight Hours and Paying $30 for a Cup of Milk Tea?
Trending in China: Teacher Assaulting Children Raises Question About Role of Volunteers in Education
‘Look, No Hands!’ - AutoX Rolls Out China’s First Self-Driving Fleet Without Safety Drivers
U.S. Firms Deny Selling to China Military, as Washington Prepares New Blacklist
Baker Bros. Advisors Sells ADSs in BeiGene Just Months After Buying Shares
Trending in China: Sharing Students’ Grades Online – The Fine Line Between Motivation and Public Shaming
Tesla Rival Li Auto Plans New Share Sale to Bankroll R&D
Alibaba Logistics Arm Chills with Ethiopian Airlines to Transport Covid-19 Vaccines
U.S. Blacklist of Chinese Tech Firms Continues to Grow
China's Bluetooth Audio Chip King Set For $741m Shanghai IPO
U.S.-Blacklisted Hikvision Zooms in on COVID Tracking Demand
Trip.com Reports First Quarterly Profit of 2020 as Travel Recovers
Xiaomi Raises Nearly $4 Billion Through Sale of Shares and Bonds
Baidu Leads China in AI Patent Applications and Ownership
Trending in China: Now Forbidden on China’s Trains
Chinese Biopharma Firm Pegbio Nets $122m in Pre-IPO Round From YF Capital, Yingke, Others
NEV Makers Nio and Xpeng Keep Revving Up Sales, But Investor Unimpressed
Britain Bans Installation of New Huawei 5G Equipment from September 2021 in Major U-Turn
China Considers Establishing Individual Bankruptcy System

By Peng Qinqin and Denise Jia / Jul 17, 2019 09:22 AM / Finance

Photo: VCG

Photo: VCG

China’s state planner announced measures Tuesday to speed up the exit of “zombie companies” from the market and proposed establishing a personal bankruptcy system.

This was the first time China explicitly proposed a plan to establish a bankruptcy system for insolvent individuals.

The guidelines released by the National Development and Reform and Commission (NDRC) and a dozen other central government agencies call for an exit system for all types of market entities, including state-owned enterprises, aiming to create a smooth and cheaper exit path for failing companies.

People close to the regulators said the guidelines represent a long-term reform plan, mainly to clarify the direction and objectives, while specific measures still need to be pushed forward.

The NDRC will work with the Ministry of Justice, the central bank and the banking regulator to study a mechanism for individuals to file for bankruptcy, the guidelines said.

The first step will focus on resolving the joint liabilities of natural persons resulting from business bankruptcy and then gradually establish rules covering individuals’ consuming debt.


Share this article
Open WeChat and scan the QR code