Corporate defaults in China surge in 2019 to record $18.6 billion

Section:

By Don Weinland
Financial Times, London
Thursday, December 26, 2019

Corporate defaults in China surged to a record high in 2019, raising new questions over how policymakers in Beijing will manage mounting financial distress among large private and state-owned companies.

Onshore corporate defaults hit 130 bn renminbi ($18.6 billion) in the final weeks of the year, breaking the record of Rmb 122 billion last year, according to data compiled by Bloomberg, as economic growth fell to a three-decade low.

... Dispatch continues below ...



ADVERTISEMENT

Transfer Assets and Own Gold and Silver Coins
and Bars in the Safest Way

GoldCore's mission statement since 2003 has been to protect and grow the wealth of our clients, and given growing monetary, cyber, and systemic risks, it is increasingly important to take delivery or have legal title and outright ownership of fully segregated coins and bars.

On all investment and pension purchases and gold and/or silver coin and bars transfers (from banks, ETFs, and digital gold providers) worth more than $10,000 stored in GoldCore Secure Storage in Zurich, Switzerland, we are now offering Secure Storage for free for six months and the gift of a silver bullion coin -- a beautiful, legal tender, 1-ounce Silver Eagle.

GoldCore does not report transactions to any authority, and safety, privacy, and confidentiality are paramount when we are entrusted with safekeeping of our clients' precious metals.

Please visit GoldCore here for more information about this offer:

https://info.goldcore.com/zurich-gold-silver-storage-goldcore-exclusive-...

Key information regarding GoldCore Secure Storage, our partner vaults and jurisdictions, and storage rates is here:

www.goldcore.com/us/services

For further information, please email the GoldCore team at info@goldcore.com or call our trading desk:

U.S.: +1-302-635-1160

U.K.: +44(0)203-086-9200

International: +353(0)1-632-5010



Private companies that expanded rapidly in recent years, accruing large piles of debt, have been at the heart of the explosion in corporate distress. Some of the country's leaders in sectors such as chemicals and textiles have faced financial pressures in recent weeks. ...

... For the remainder of the report:

https://www.ft.com/content/068a83e0-27a7-11ea-9305-4234e74b0ef3

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16