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China Steel, Coal Sectors Owe More Than US$1T
03/23/2016 - China’s efforts to cut excess coal mining and steelmaking capacity could be thwarted by the US$1.56 trillion in debt being carried by those sectors and others, according to the Reuters news service.
According to Reuters, China’s steel and coal sectors alone owe 8 trillion yuan (US$1.23 trillion), about one-third of which is bank debt.
"China needs to set up a new organization, a special bank just to take over these debts in order to avoid the local banks going bankrupt," steel industry consultant Xu Zhongbo told the news service.
Reuters has more on the story here.
"China needs to set up a new organization, a special bank just to take over these debts in order to avoid the local banks going bankrupt," steel industry consultant Xu Zhongbo told the news service.
Reuters has more on the story here.
