After decades of growth far in excess of anything in the developed world, the picture looks troubled.
Country Garden Holdings Co., one of China’s biggest real estate firms — with 3,000 pending property projects — barely avoided a default, bringing some respite amid a liquidity crisis.
And Zhongzhi Enterprise Group Co., one of the largest shadow banks, missed dozens of payments on several high-yield investment products, stoking contagion fears.
It is China’s debt, more than anything else, that is arousing concern, and dividing opinon.
John Authers Bloomberg 6 september 2023
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