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China's corporate bond defaults hit record $23bn as bailouts fade

Debt-laden local governments increasingly letting businesses fail

Workers build a conference center in Shenzhen. China faces a peak in corporate bond repayments ahead in the next few years.   © Reuters

SHANGHAI -- Anhui Foreign Economic Construction, a midtier private-sector player in China's building industry, has landed infrastructure projects in far-flung places like Tanzania under Beijing's continent-spanning Belt and Road initiative

The company has also built soccer stadiums across Africa, in such countries as Zambia, Mozambique and Madagascar.

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