A major Chinese state-owned miner and steel trader is poised to default on its bonds this week, the latest test of whether Beijing is willing to impose market discipline on national champion companies.
As China’s economy heads for its slowest growth in a quarter of a century, defaults are rising, especially in industries afflicted by excess capacity and falling commodity prices.
China last month announced a plan to raise efficiency at state groups. But the plan focuses mainly on strengthening SOEs rather than shuttering or privatising those that underperform.
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