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