China Business & EconomyMore Pain Ahead for Chinese Bond MarketSaveMark Us Preferred on GooglePrintPeople wearing face masks walk across a bridge in the financial district of Lujiazui in Shanghai on March 4, 2020. Hector Retamal/AFP via Getty ImagesFan Yu11/29/2020|Updated: 11/30/2020News AnalysisThis isn’t as much hyperbole as it sounds: the main reason investors bought bonds issued by Chinese state-backed companies is an implicit guarantee from default by the local or provincial government.We had a problem loading this article. Please enable javascript or use a different browser. If the issue persists, please visit our help center.