China Embraces Bankruptcy, U.S.-Style, to Cushion a Slowing Economy
Beijing rapidly grows a court system to tackle corporate debt that was once—in the interest of stability—swallowed by banks
Photo: The 21-building Yihefang apartment-and-shopping complex in Xi'an, China, sat unfinished for years until its developer entered bankruptcy proceedings. Zhou Wei/The Wall Street Journal
Nov. 6, 2019 11:42 am ET
XI’AN, China—In the trenches of China’s debt-addled economy, the government has made a startling decision: Let companies fail.
That has left creditors angry, debtors fighting to save their businesses and judges on a mission to promote the benefits of bankruptcy.
After years of pumping out financial support to keep the economy humming and...
READ MORE: https://www.wsj.com/articles/china-embraces-bankruptcy-u-s-style-to-cushion-a-slowing-economy-11573058567?mod=hp_lead_pos5
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