Typhoon Saomai making landfall in eastern China’s Zhejiang province on August 10, 2006, causing huge waves off Dongtou island off Wenzhou city. Photo: Xinhua

China’s tsunami of bond defaults topped US$17 billion since November, poised to break last year’s record amid tepid growth

  • At least 15 defaults since November 1 have pushed this year’s total to 120.4 billion yuan, close to the 121.9 billion yuan annual record in 2018
  • The defaulted notes amount to a small sliver of China’s US$4.4 trillion onshore corporate bond market, they’ve fuelled concerns of potential contagion
Topic |   Bonds

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Typhoon Saomai making landfall in eastern China’s Zhejiang province on August 10, 2006, causing huge waves off Dongtou island off Wenzhou city. Photo: Xinhua
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Deliverymen work among parcels beside a road in Beijing on November 12, following the Singles’ Day shopping blitz. China’s labour market has stayed resilient, despite external shocks to the economy. Photo: Reuters
Aidan Yao
Opinion

Opinion

Macroscope by Aidan Yao

The 2020 outlook for China’s economy remains gloomy, but there is one bright spot

  • The Chinese economy faces a tough road ahead, since breakthroughs in trade talks are unlikely in a US election year. A silver lining is that the rebalancing of the economy towards consumption has helped to support the labour market

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Deliverymen work among parcels beside a road in Beijing on November 12, following the Singles’ Day shopping blitz. China’s labour market has stayed resilient, despite external shocks to the economy. Photo: Reuters
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