Yongcheng Coal’s bond default has sparked broader concern over whether local governments will be able to bail out the state firms they own. Photo: AFP
China’s ‘grey rhino’ debt risk highlighted by bond defaults
- Bond defaults by state-owned firms have underscored China’s debt problem, which has grown this year as the economy recovers from the coronavirus
- China’s total domestic debt, including financial loans, will likely hit 335 per cent of GDP in the second quarter of 2020, recent estimates suggest
Yongcheng Coal’s bond default has sparked broader concern over whether local governments will be able to bail out the state firms they own. Photo: AFP
Corrected [11:38am, 26 Nov, 2020]
- [11:38am, 26 Nov, 2020]
(This story has been corrected. For details, see the note at the end of this story)
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