China’s state-owned steelmakers are plagued with an industry overcapacity that has crimped earnings for years. Photo: Reuters
Karen Yeung
Opinion

Opinion

Across The Border by Karen Yeung

Can the new debt-to-equity swap effectively tackle China’s moral hazard?

Beijing’s new debt-to-equity swap programme has good intentions, but authorities’ reluctance to let market forces set the price could be a stumbling block

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China’s state-owned steelmakers are plagued with an industry overcapacity that has crimped earnings for years. Photo: Reuters
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