Cinda Asset Management Corp., China's first bad debt agency, has begun taking the first steps on the long march towards resolving the nation's non-performing loan problem.

Cinda (formerly known as Xinda) was set up in April in order to acquire and dispose of the NPLs of China Construction Bank (CCB), one of the country's four largest state-owned commercial banks (ASRI, 5/31/99, p. 2). It has 25 branches across the country.

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