Jason Bedford

Jason Bedford has been quoted 4 times. The two most recent articles where Jason Bedford has been quoted are RPT-Government on hook for China banks' shrinking capital and China has started bailing out its banks, UBS says. Most recently, Jason Bedford was quoted as having said, “We believe the recapitalisation and bailout process is already discretely underway. However, it has gone unnoticed as it has started with the smaller, unlisted banks. We expect this process to accelerate sharply in 2017, particularly among listed joint stock banks. Closing the capital shortfall would require an infusion of $172 billion.”.

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These shadow loans are not subjected to the same rules as the loan book, despite being largely credit in nature.

We believe the recapitalisation and bailout process is already discretely underway. However, it has gone unnoticed as it has started with the smaller, unlisted banks. We expect this process to accelerate sharply in 2017, particularly among listed joint stock banks. Closing the capital shortfall would require an infusion of $172 billion.

More surprising is the size of some individual bank bad asset disposals–many were equivalent in size to 4-15 percent of the banks' total loans.

Contrary to prevailing market wisdom, we believe considerable progress has been made in recognizing and dealing with the problems. Recapitalization and bailouts have started and made unexpected (and under-appreciated) progress. UBS research suggested 2015 was the first year since the early 2000s with sizable bank bailouts.

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