China’s $4tn corporate bond market is ticking ominously. Last year set a new record for defaults. This year the figure is likely to be higher still. Beijing wants to reform the market, reducing leverage at the same time. This perilous situation is set to worsen before it gets better.
中國規(guī)模達(dá)4萬億美元的公司債券市場正在出現(xiàn)不祥跡象。去年該市場創(chuàng)下違約紀(jì)錄。今年的違約數(shù)字很可能還會(huì)更高。北京方面希望在改革市場的同時(shí)降低杠桿。這種危險(xiǎn)局面在好轉(zhuǎn)之前將會(huì)變得更糟。
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