Mandated debt relief for quake victims
PaPaPeng
Banks ordered to write off bad loans
By Mao Lijun (China Daily)
Updated: 2008-05-27 06:43
http://www.chinadaily.com.cn/china/2008-05/27/content_6712770.htm
The banking regulator Monday ordered domestic banks to write off bad
loans caused by the devastating earthquake.
The write-offs are to reduce the mortgage burden of survivors and help
reconstruction efforts in Sichuan, the China Banking Regulatory
Commission (CBRC) said in a statement on its website.
Construction workers work on a resettlement site for the victims of
the May 12 quake in Dujiangyan, southwest China's Sichuan Province,
May 20, 2008. A resettlement residence project has started here on May
17 and is expected to be ready on May 27. [Xinhua]
The devastating earthquake destroyed 2.9 million homes and severely
damaged 14 million houses in Sichuan province, according to the
Ministry of Civil Affairs.
Many borrowers have lost their homes in the earthquake and cannot
afford to make repayments.
If the borrowers' losses are not covered by insurance, or their
insurance or guarantees are not enough to repay the debts, the loans
should be treated as non-performing assets and written off, the
regulator said.
The CBRC also told commercial banks to write off bad credit card debt
of those dead or missing in the quake; and to put aside enough
bad-loan provisions.
ChairMan
PaPaPeng <PaPa...@yahoo.com>spewed forth:
The government also told citizen that if they lost a child in the quake,
they could have another without being penalized.
What big hearts your people have.
PaPaPeng
>
>The government also told citizen that if they lost a child in the quake,
>they could have another without being penalized.
>What big hearts your people have.
I am not quite sure if your comment is meant as a compliment or a
sneer but I'll take it as a compliment. China's one child policy has
many unintended consequences. But I think everyone agrees that with
1.3 billion people with rising consumer consumption as the country
prospers it will be disastrous for China and the world to have any
more people. Yet we come across demographic projections that China's
population will stabilize at 1.6 billion by 2030, a time horizon
within our lifetimes. That's around 300 million more, the size of the
entire population of the US or the EU today. There is no alternative
but to enforce strict population control in China. The alarm is even
with this strict control China's population will still reach that 2030
projection. No religious objection, no personal or philosophical
protest about the sancity of life can change that equation and the
folly of more mouths to feed.
The one child policy in China has very personal and tragic
consequences. When the schools crumbled upon them and wiped out whole
generations of children the pain felt with the death of each child is
triply multiplied. On each child's shoulders is carried the sole hope
of two parents and four grandparents. Therefore the concession of
having another child is no small concession. But for many it will
come too late in their lives to bear a child again.
Those orphans in the shelters will not suffer from want of support.
They will quickly find willing and grateful adoptive parents in their
hometown and all over China. It is now two weeks after the disaster.
The evidence is very hopeful and inspiring. The whole country has
pulled together to mitigate the human disaster. Look at the videoa
and the photos. The grief is personal and quickly put aside in their
determination to live and put the disaster behind them. Take a look
at those children again. They do not come across as being traumatized
and psychologically scarred. They have the resilience to move ahead
without missing a beat. Before the year is out the debris will be
cleared. Before the year is out rebuilding will have put up many of
the structures needed to service a thriving society. By three years
your will have brand new roads, bridges, the infrastructures for brand
new cities, towns and villages for more than a hundred million people.
By then you will not have known that the whole countryside had been
levelled just three years before.
The Real Bev
> ...By three years
> your will have brand new roads, bridges, the infrastructures for brand
> new cities, towns and villages for more than a hundred million people.
> By then you will not have known that the whole countryside had been
> levelled just three years before.
Now tell us about why there is going to be a huge oversupply of Chinese
men and shortage of Chinese women in the not-too-distant future.
--
Cheers, Bev
=====================================================================
If violence isn't solving the problem, you're not using enough of it.
PaPaPeng
<bashley1...@gmail.com> wrote:
>PaPaPeng wrote:
>
>> ...By three years
>> your will have brand new roads, bridges, the infrastructures for brand
>> new cities, towns and villages for more than a hundred million people.
>> By then you will not have known that the whole countryside had been
>> levelled just three years before.
>
>Now tell us about why there is going to be a huge oversupply of Chinese
>men and shortage of Chinese women in the not-too-distant future.
That is the other unintended consequence. I don't have the answer.
But girls will be much more in demand and will get education and
employment opportunites less available to men. That is a major
consideration in life. A child is the social insurance support for the
parent in old age. If you look at the videos and photos again there
are relatively few young adults. Most of them have already moved to
the big cities as migrant workers. The damage was mostly in the
smaller towns and villages. There should be some interesting reports
out of China once the dust settles.