What’s new: China’s three policy banks, the China Development Bank (CDB), the Agricultural Development Bank of China (ADBC) and the Import-Export Bank of China, have all missed Friday’s Ministry of Finance deadline (link in Chinese) to file their 2020 annual reports.
Another policy financial institution, China Export & Credit Insurance Corp., also known as Sinosure, missed the deadline as well.
Reviewing the annual reports of policy financial institutions is a relatively slow process and requires the participation of their Communist Party committees and boards of directors, as well as the Ministry of Finance, sources close to the CDB and the ADBC told Caixin.
The four companies had all announced in advance that they would miss the April 30 deadline to release their annual reports.
The background: China’s three policy lenders released their 2019 annual reports in the fourth quarter of last year amid the Covid-19 pandemic.
The three were set up by China’s central government to fund projects that may not be highly profitable, but are crucial to social and economic development, including infrastructure, energy and agriculture.
Related: China Policy Banks Test New Bond Issuance Program, Spelling Bad News for Middlemen
Contact reporter Luo Meihan (meihanluo@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
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