When Chinese Premier Li Keqiang said defaults in the Chinese economy were “unavoidable” at his annual press conference yesterday, he was probably not talking specifically about debt-laden Haixin Steel in the northern Shanxi province.
But Haixin may become an early test of Mr Li’s determination to see more market-oriented behaviour in China’s state-dominated economy.
The private steel mill failed to pay back overdue bank loans last week in a default felt far beyond the local economy where Haixin is entangled in a web of so-called triangular debt and shadow banking activity.
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