Default risks for a pile of $15tn in Chinese corporate debt are rising to their highest levels since the 2008 financial crisis as sluggish demand, weak pricing and high leverage sap the dynamism of the country’s most powerful companies.
Rating agencies that assess credit risks among China’s top corporations are predicting a jump in bond repayment defaults this year as they add more companies to their watch lists for downgrades, ratings executives say.
Standard & Poor’s estimates that the number of bond defaults will rise to double digits this year, a record, from nine last year, as credit quality falls in the world’s second-largest economy.
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