non-performing asset securitization 不良资产证券化

China's central bank said on Saturday that the non-performing asset (NPA) securitization program has nothing to do with the country's rising bad loan ratio, and is an institutional move aimed at developing a market for bad assets management in China.

央行的不良资产证券化（试点）项目与不良贷款比例高低没有关系，此举意在要培育中国的不良资产市场化处置的市场。

这里的non-performing asset (NPA) securitization就是“不良资产证券化”，也就是通过市场定价的方式把不良资产打包卖给感兴趣的投资者，银行由此可以调整资产负债表，也可以为新业务增加储蓄。