BEIJING: China will show "zero tolerance" for misconduct following a string recent of bond defaults, a meeting of the Financial Stability and Development Committee chaired by vice premier Liu He said.
Fraudulent issuance, disclosure of false information, malicious transfer of assets, and misappropriation of issuance funds will be strictly investigated, said the meeting, according to an account posted on a government website.
Several high-profile defaults recently by Chinese state firms, including Yongcheng Coal & Electricity Holding Group and Huachen Auto Group Holdings Co have sent shockwaves across China's corporate bond market.
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