Asset-backed securities still suffer an image hangover in the west from the days of the 2008 financial crisis. But China’s issuance of the financial products is soaring this year as Beijing places a big bet on securitisation as a salve for its huge credit risks. Though only a few years old, the Chinese debt securitisation market — in which pools of debt like mortgages, auto loans and credit-card loans are repackaged and sold to investors — is growing like topsy. Issuance of securitised assets rose 61 per cent in the first half of this year and could climb to $170bn for the full year, according to research by Bank of America Merrill Lynch.
受2008年金融危機影響，資產支持證券(ABS)在西方仍不受待見。但今年以來，此類金融產品在中國的發行量大幅飆升——北京方面正大舉押注于證券化，把它作為緩解國內巨大信貸風險的一個途徑。盡管形成僅幾年時間，中國的債務證券化市場——抵押貸款、汽車貸款、信用卡貸款等債務池被重新打包并出售給投資者——正如脫韁野馬般增長。美銀美林(Bank of America Merrill Lynch)的研究顯示，今年上半年中國證券化資產的發行量同比增加61%，全年將攀升至1700億美元。