Barely a day has passed this month without news of another Chinese company on the brink of collapse. There are solar cell makers missing interest payments on bonds, steel mills defaulting on bank loans and property developers going bust.
Anyone hearing this steady drumbeat of disaster could be forgiven for thinking that China’s star is fading, and fading fast.
It is certainly true that Chinese companies face serious challenges after a surge in their debt levels over the past five years. Coming down from their credit high was always going to be painful.
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