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China debt crunch

China accelerating bankruptcy process of heavily indebted firms

Communist Party trying to demonstrate crisis management before its 2022 congress

HNA Group aims to rebuild with government involvement.   © Reuters

SHANGHAI -- China is stepping up the bankruptcy process of heavily indebted companies as the leadership of the Chinese Communist Party tries to demonstrate its crisis management before the party congress in 2022.

Travel conglomerate HNA Group and five other major heavily indebted companies with ties with the government have liabilities totaling 1.8 trillion yuan ($277 billion).

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