Photographer: Tomohiro Ohsumi/Bloomberg

China to Make it Easier for Expats to Get Residency: Eye on Chinese Media

China has sped up its push to swap debt into equity, according to the Economic Information Daily, a newspaper affiliated to the official Xinhua News Agency. By April 17, the program has signed more than 500 billion yuan ($73 billion) of debt, while the actual converted amount was about 40 billion yuan, according to the paper. Other than the five biggest banks, which led the pilot program, smaller financial institutions are also trying to enter the market. China is rolling out the debt-to-equity swap program to clean up corporate debt to avert a repeat of 1999’s tax-funded bank bailout.

In Other Reports:

  • Green Cards: China is implementing a plan to issue permanent residence to foreigners and will make the identity card system for them more convenient, according to Xinhua. It’s extremely difficult to obtain the equivalent of a green card in China as the nation hasn’t historically had much immigration in recent decades.
  • Regulation: Since late March, China’s banking watchdog has issued at least seven policy documents with new and tightened regulations that target reducing systemic risk, deleveraging and enhancing governance, according to Caixin. Tightening regulation has accompanied an anti-corruption campaign in the financial sector.
  • Xiongan Book: “Interpreting Xiongan New Area” will include the full text of Vice Premier Zhang Gaoli’s interview on the new economic zone, as well as comments from other authorities, according to Xinhua. The area announced earlier this month will be transformed into a new technology and innovation hub teeming with companies, universities and world-class transportation and business infrastructure.

— With assistance by Xiaoqing Pi

(Corrects title of publication in first paragraph of story published April 18.)
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