As China grapples with a trade war, a four-year property slowdown and lingering weakness in consumer confidence, one typical gauge of corporate distress has been conspicuous by its absence.
There has been only one first-time default in China’s $4tn onshore corporate bond market so far this year, according to data from S&P Ratings. That compares with 16 in 2024 as a whole, and multiple defaults by this stage in every year since 2013.
Rather than a definitive indication of corporate distress across the economy, the absence of defaults points to a marked change in tone during the recent development of China’s financial markets.
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