The local government leans on local banks to keep the credit flowing in, companies are taking on ever-larger amounts of debt to service a growing loan burden, while the bankers reckon the real level of bad loans is as high as 30 per cent of total lending.
Welcome to the manufacturing sector in Zhejiang, 2016.
The east-coast province is the traditional heart of private enterprise in China. President Xi Jinping earned his stripes there last decade as governor and provincial party secretary, nurturing the private sector and developing ties to Shanghai, China’s commercial hub, to its north-east.
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