November 24, 2020


CHINA: State-owned enterprise defaults are a blow against moral hazard

BY Gabriel Wildau

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( 6 mins) An unprecedented wave of bond defaults by state-owned enterprises is challenging the longstanding assumption that such debt carries an implicit government guarantee. The recent default wave largely reflects local governments' decreasing willingness and ability to provide bailouts, rather than a significant deterioration in credit fundamentals. Defaults will likely continue, but the government has the resources […]

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