There was a time, not so long ago, when bond defaults were unknown in China’s domestic market. That was not a testament to the quality of borrowers, but a reflection of routine government bailouts and the rolling over of loans from government-controlled banks when default looked imminent.
在不太久以前，中國國內市場從未發生過債券違約。這不能反映借款人質量高，而是因爲在看起來將要發生違約時政府慣例會進行救助，同時政府控制的銀行會對企業貸款進行展期。
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