【新唐人2014年03月31日訊】日前，中國幾家最大的國有銀行，找到了新招，來化解自己的不良貸款，那就是把自己的壞賬高價出售給自己的子公司——投資銀行，這樣不但使自己的帳面看上去比較健康，還可以減少自己的損失。不過這一損招引起輿論一片嘩然。專家指出，這些銀行是企圖通過自己的投資公司，把壞賬轉嫁給民眾，不過投資公司最後可能倒閉，壞賬不了了之。

27號，「中國銀行」行長陳四清，在銀行總部舉行的新聞發佈會上聲稱：「中行」在今年要打一場資產質量保衛戰，他說，「中行」採取的措施之一，就是利用投資銀行手段化解不良貸款。

美國《華爾街日報》報導說，「中國銀行」，已經啟動一個新的策略，將壞賬轉移給它自己的投資銀行部門，然後試圖重組債務。而「工商銀行」、「建設銀行」和「農業銀行」也都把目光投向類似的策略。

報導指出，由於自己的投資銀行部門，可以支付比外部投資者更多的錢收購壞賬，銀行將能夠記錄較低的貸款損失。同時，根據中國會計規則，出售之後，問題貸款就不會再留在銀行資產負債表上。

大陸金融分析師任中道：「賣給它的子公司，帳面上看就比較漂亮，更有意思的一點，最後母公司沒問題，把不好的都給這一個子公司，實在不行了就叫子公司破產，最後就不了了之。」

不過根據西方會計制度，這種公司內部交易，通常不能被認定為出售交易。報導指出，投資者已經變得越來越懷疑中國銀行的資產負債表。

美國南卡羅萊納大學艾肯商學院教授謝田：「正常國家，存貸款業務的銀行和投資銀行，它有它嚴格的區分，不能把存款、儲戶的錢拿去作投資，買股票或其他那些公共基金上，投資的錢是不受聯邦存款保險公司的保護的。」

「農業銀行」在去年的年報中聲稱，銀行去年對不良貸款創新了處置手段，並將不良貸款沖銷額增加了一倍。而「中國銀行」高管說，「中國銀行」把不良貸款賣給子公司投資銀行後，投資銀行可能需要向一個陷入困境的項目注入更多資金，才能使他們以後能夠償還貸款。

謝田：「呆賬壞賬，一部分是由於經濟停滯、產能過剩、市場萎縮、經濟衰退造成的，另外很大的程度上是中共貪官斂財造成的，它如果不解決這個問題，它現在要去填補，那這個黑洞會越來越大，貪官會貪得越來越多，實際上還是把老百姓的財富變相地投向了中共的既得利益集團。」

以往，中共國有銀行處置不良貸款的方式，通常是賣給國有資產管理公司，和「中國信達資產管理股份有限公司」等外部投資公司。1999年，「建設銀行」向「信達資產」出售了賬面值為2500億元的不良資產，「信達資產」僅支付給「建行」30億元現金，其餘2470億元向「建行」發行金融債券，年息2.25%，為期10年。

而資產管理公司以很大的折扣，從國有銀行手中購入不良貸款後，他們可以得到國家財政的支持，和享有政策紅利，這樣他們可以賺得盆滿缽滿。例如，2004年財政部發佈通知說，從2005年起，如果「信達資產」無法就歷史債權全額支付利息，財政部將就它的歷史債券本金，和利息償還提供支持。2009年9月，財政部又發佈通知宣稱，除將「信達」歷史債券期限延長至20年外﹔將繼續就歷史債券本金及利息的償還提供支持。

任中道：「就是用國家信用來做擔保，甚麼意思呢﹖就是最後還是由老百姓買單，大家都知道，中共政府它不開甚麼公司，也沒有甚麼買賣，最後就是老百姓的錢，來為他們所做所為造成的這個惡果去買單。」

美國「南卡羅萊納大學艾肯商學院」教授謝田指出，從各銀行把壞賬賣給子公司投資銀行，去繼續欺騙中國投資大眾的行為，可以看出，中國金融問題現在越來越嚴重，但是不管中共怎麼做，也很難擺脫資產破滅的陰影。

採訪編輯/劉惠 後製/李智遠

Chinese Banks Sell Bad Debts to Itself:Who Are the Victims?

Days ago,several Chinese major state-owned banks found

“a new trick"to handle their bad loans.

They are selling distressed debts to their subsidiary

investment banks.

By doing this,those banks not only make their accounting

books look better,but also reduce their losses significantly.

However,such an insidious trick has shocked foreign media.

An expert said those banks are trying to transfer distressed

debts to ordinary people through their investment units.

Probably those subsidiaries will finally go bankrupt

and leave those debts unsettled.

On March 27th,president of Bank of China Chen Siqing made

an announcement in a press conference at it’s headquarters.

Chen said the Bank of China would battle to protect its asset

quality in 2014.

Resolving nonperforming loans via investment bank units is

exactly one of the measures that Chen mentioned the bank

would take in the “battle."

A Wall Street Journal report wrote that Bank of China"has

started a new strategy of unloading soured loans to its

investment-banking unit,which then would try to restructure

the debt."

It was reported that Industrial and Commercial Bank of China

(ICBC),China Construction Bank(CCB)and Agricultural Bank of

China(ABC)were considering using similar strategies.

According to the Wall Street Journal report,"With the

investment-banking unit expected to pay more than an

outside investor,the bank would be able to record lower

loan losses."

“The problem loan would be off the bank’s balance

sheet after the sale under Chinese accounting rules."

Ren Zhongdao,Chinese financial analyst:"Selling bad loans

to its subsidiary units can make account books look healthier.

More interestingly,bad records will no longer be seen for

parent banks as they are transferred to subsidiary units.

Anyway those units can go bankrupt if the condition becomes

worse,and distressed debts can be left unsettled in that way."

However,western accounting rules usually do not regard

intra-company transactions as real sales.

It was reported that investors have become increasingly

skeptical of Chinese banks’balance sheets.

Xie Tian,Professor at University of South Carolina Aiken

School of Business:"In a regular financial system, there is

strict division between normal banks and investment banks.

You cannot use money from saving accounts for investment,

buying stocks or other public funds.

Money for Investment is not protected by federal

insurance for savings."

In its annual report,Agricultural Bank of China claimed that

it"diversified the measures"in handling bad loans,and so

had doubled write-offs of bad debt.

A high-level official from Bank of China said,after investment

banks accepted bad loans,they might need to inject more

capital into a struggling project to make it pay off later.

Xie Tian:"On one hand,distressed debts may result from

economic decline,overcapacity and shrinking markets.

On the other hand,many bad debts are largely due to

corrupt officials."

If the Chinese Communist Party(CCP)simply tries to fill

the hole without solving that problem,the hole can only

become even bigger.

More money will be embezzled,and essentially the situation

is the same as always:"the party’s interest groups plunder

money from all Chinese civilians in disguised forms."

Traditionally,the CCP’s state-owned banks usually disposed

of nonperforming debts by selling them to state-owned asset-

management firms,such as China Cinda Asset Management.

In 1999,China Construction Bank(CCB)sold bad assets

worth of 250 billion Yuan($40.2 billion)to Cinda.

Cinda only paid 3 billion Yuan($0.48 billion)by cash,

and issued the rest(247 billion Yuan)in 10-year bonds

with a friendly 2.25% interest rate back to CCB.

So after asset-management firms accepted bad debts from

state-owned banks,they would benefit from state-level

financial support and other subsidies.

They can make a lot of money from that.

For example,in 2004 the Ministry of Finance issued a notice

saying If Cinda was not able to make full payment of interests

for historical debts,the ministry would provide financial help

from 2005.

In September 2009,the ministry again announced that it

had extended Cinda’s bond term from 10 years to 20 years,

continuing to assist Cinda in paying all debts and interests.

Ren Zhongdao:"Indeed the party is giving warrant with

its state credit.

That is,it is still Chinese people who are forced to pay the bill.

We all know that the CCP runs no company or business itself.

It always turns out that the CCP make all Chinese

pay for bad results due to their faults."

Xie Tian commented that,now that the CCP’s banks are still

deceiving Chinese investors by selling bad debts to investment

units,China’s financial problems are visibly worse.

However,no matter what strategy the party uses,it can

hardly escape the bursting of all its assets in the end.

Edit/liuhui Post-Production/lizhiyuan