“China has been signalling strongly that it wants to shift towards a private sector-to-private sector financing model. China's policy banks have grown increasingly concerned about borrowers' ability to repay loans and grown wary about extending finance. These lenders not only have an obvious financial interest in recovering their money, but they are also part of the Communist Party political architecture in China. Should non-performing loans and defaults continue to increase, Xi [Xi Jinping] could face political consequences at a time when he is consolidating control amid the global pandemic.”
11 Dec 2021
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