China’s $4tn corporate bond market is ticking ominously. Last year set a new record for defaults. This year the figure is likely to be higher still. Beijing wants to reform the market, reducing leverage at the same time. This perilous situation is set to worsen before it gets better.
中國規模達4萬億美元的公司債券市場正在出現不祥跡象。去年該市場創下違約紀錄。今年的違約數字很可能還會更高。北京方面希望在改革市場的同時降低杠桿。這種危險局面在好轉之前將會變得更糟。
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