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China Faces Debt Crisis as More State-owned Enterprises Default on Loans
News Analysis
The debt crisis of China’s state-owned enterprises (SOEs) has been deepening since 2020. Beijing has recently issued a report to address the issue as several SOEs have defaulted on loans in recent months.
The State Council of China recently issued the report “The Guideline on Enhancing Debt Risk Control of Local State-owned Enterprises” on March 28. Beijing requires state-owned firms to create the following: a mechanism to identify and monitor debt; a mechanism to control debt; a mechanism to support the life cycle of a bond; and a long-term mechanism for debt risk management. ....

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