China promises crackdown “debt crooks” As bond defaults rock the market – Lexology
Recent missed payments by companies, including one of China’s largest coal companies, Henan-based Yongcheng Coal and Electricity Holding Group, have shaken investor confidence that state-owned enterprises (SOEs) are supported. implicit from the authorities, regardless of their underlying performance. As companies issue new bonds to pay off old debts as they fall due, which “puts the […]