Fraudulent issues, disclosure of false information, malicious transfer of assets and embezzlement of issue funds will be strictly investigated, the meeting said, according to an account posted on a government website.
Recently, several high-profile Chinese state-owned company defaults, including Yongcheng Coal & Electricity Holding Group and Huachen Auto Group Holdings Co, sent shock waves through the Chinese corporate bond market.
Chinese regulators have launched polls on the two government borrowers and their bondholders.
Bond defaults have shaken investor confidence and pushed up funding costs for many corporate borrowers, adding to the pressures on China’s nascent economic recovery.
Various “debt evasion” behaviors will be severely punished, the meeting said. Bond defaults were the result of cyclical, institutional and behavioral factors, he added.
Prevention and warning systems will be strengthened to prevent systemic risks, and liquidity must be kept reasonably sufficient, the meeting said.
(Reporting by Gabriel Crossley and Samuel Shen; editing by Richard Pullin and Lincoln Feast.)