China's first asset-backed securitization (ABS) legislation has been introduced. The Administrative Measures on Pilot Projects of Credit Assets Securitization promulgated by the People's Bank of China and the China Banking Regulatory Commission became effective on April 20 2005. In connection with the State Council's approval in principle of the two pilot projects, China Development Bank and China Construction Bank, other relevant authorities have or will issue provisional rules to facilitate the launch of these projects.
June 30 2005