Haitong Securities said liabilities at non-financial firms might rise to more than 150 per cent of GDP this year, raising default risk. Photo: Bloomberg

Haitong Securities warns of default crisis as mainland debt soars

Leading securities firm raises default risk as companies borrow more to repay old debt

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Haitong Securities said liabilities at non-financial firms might rise to more than 150 per cent of GDP this year, raising default risk. Photo: Bloomberg
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