In China, if you owe your creditors a few hundred million dollars, you had better pay them back or face the wrath of vice-premier Liu He.
But if you owe them $1.9bn and control strategic natural resource assets, well, that is a rather more complicated situation.
When a Chinese coal company and automotive group recently defaulted on four bonds totalling Rmb4bn ($612m), sending tremors through the country’s $15tn bond market, a powerful regulatory body headed by Mr Liu threatened “zero tolerance” for any companies caught trying to evade debt repayments.
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