China's Li Keqiang warns investors to prepare for wave of bankruptcies
By Phillip Inman, The Guardian
World's second largest economy is facing 'serious challenges' and many companies with high debts are being forced to the wall
China is braced for a wave of industrial bankruptcies as its slowing economy forces companies with sky-high debts to the wall, the country's premier has said.
Premier Li Keqiang told lenders to China's private sector factories they should expect debt defaults as the world's second largest economy encounters "serious challenges" in the year ahead.
Speaking after the annual session of the national people's congress, Li Keqiang said: "We are going to confront serious challenges this year and some challenges may be even more complex." He told lenders to China's private sector factories they should expect debt defaults.
Li said China must "ensure steady growth, ensure employment, avert inflation and defuse risks" while also fighting pollution, among other tasks…
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