Risk Watch: China’s State-owned Enterprise Debt Financing ‘Ponzi Scheme’

◎ SOEs cannot pay interest on their financing liabilities even if they are granted very favorable interest rates, let alone pay principle.

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Risk Watch: China’s Local Debt ‘Iceberg’ Emits ‘Cracking Sounds’

◎ Based on our estimate, implicit debt in some cities and counties was three to four times higher that of their public debt.

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Risk Watch: Can China’s New Negative List Help Defuse Trade Dispute with America?

◎ There are two reasons why the Xi administration appears to be motivated to open up China’s economy.

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