Gambling on Chinese Debt
The abandoned Qingquan Steel plant in Tangshan, China, stands in mute testimony to the struggles of the country's steel industry. A debt swap program being incubated by the Chinese government could help it address overcapacity in the sector.
(KEVIN FRAYER/Getty Images)
In a measure of the lengths that Beijing is considering in its quest to reduce the crushing debt load of its corporations, a developing Chinese debt-to-equity swap program may include entities outside the state-controlled banking sector. According to a report published by China's State Council on Aug. 23, the Chinese...
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