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13

Chinese Leaders Back Bankruptcies for Unwanted Zombie Companies

By Tony Seruga

Courts accepted 5,665 bankruptcy cases in 2016, up 54%
Concerns remain about government influence on cases: Deloitte

China is getting serious about dealing with so-called zombie companies through court-led bankruptcies as it seeks to cut overcapacity in industries and boost economic growth.

The country’s Chief Justice Zhou Qiang said at the National People’s Congress Sunday that authorities will improve the country’s judicial system for dealing with bankruptcies in 2017 to support those goals. Chinese authorities are devoting more resources to tackle corporate restructurings and bankruptcies as bad debts at banks soared to an 11-year high in 2016 and bond defaults more than quadrupled in the period…

Chinese Leaders Back Bankruptcies for Unwanted Zombie Companies

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