News Analysis
This 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.
People wearing face masks walk across a bridge in the financial district of Lujiazui in Shanghai on March 4, 2020. Hector Retamal/AFP via Getty Images
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Fan Yu
Author
Fan Yu is an expert in finance and economics and has contributed analyses on China's economy since 2015.
