After nearly two decades of high tide for the Chinese economy, growth is slowing and the waters are receding. As Warren Buffett once warned, it may not be a pretty sight – a surprising number of companies have been swimming naked.
The Chinese government and Chinese households have been paragons of prudence in managing their finances, saving lots and borrowing little.
The same cannot be said of their corporate brethren. The indebtedness of Chinese companies is at an all-time high.
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