An ancient Chinese poem, famously quoted by Mao Zedong, calls for diversity: “Let 100 flowers bloom; let 100 schools of thought contend”.
China’s securitisation market has blossomed this year as authorities embrace financial innovation, with bankers packaging an eclectic mix of assets from dance ticket revenues to bridge tolls.
Beijing approved the country’s first securitisation deals in 2005, but the programme was halted in 2008 after regulators observed the damage wrought by risky mortgage securities in the US. The programme was revived in 2012, starting primarily with vanilla assets such as corporate loans, home mortgages and auto loans.
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