2020 第一季度 中国地区破产报告
· Compared with the past 2 years (+74% in 2017, +50% in 2018), the number of insolvency cases in China is expected to keep growing at a relatively high pace in 2019 (+c.20%, same as previous expectation) and in 2020 (+c.15%, up from +c.10% in previous expectation considering COVID-19 impact).
· The number of new bond default companies in Chinese market decreased from 44 in 2018 to 39 in 2019, and recorded 4 in 2020 Q1.
· The official manufacturing PMI in March shows the overall manufacturing industry is gradually recovering with large enterprises showing relatively better performance than small and medium-sized enterprises (SMEs).
· New CNY loans from financial institutions totaled CNY 7.1 trillion / EUR 0.91 trillion in the first quarter of 2020, a large increase from CNY 5.81 trillion / EUR 0.74 trillion for the same period last year.
· On April 3, 2020, PBOC, the central bank of China, announced to release around CNY 400 billion / EUR 51 billion via cutting the reserve requirement ratio (RRR) for small and mid-sized banks by 1% in two equal steps, the first effective as of April 15 and the second as of May 15.
· With COVID -19 sweeping across the globe, full recovery from recession could take longer.