China Central Bank Official Says Bankruptcy May Benefit the Country

December 26, 2017

A Chinese central bank official said China should allow local governments to go bankrupt to help rein in regional authorities’ excessive borrowing. A case like the bankruptcy of Detroit would convince investors that the central government is really determined to dispel beliefs of an implicit guarantee for regional authorities, Xu Zhong, head of research bureau at the People’s Bank of China, wrote in an article in the China Business News Monday….

Read More >>