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China braces for multiple bond defaults at state-owned enterprises

Local governments urged to step up supervision of projects to lessen risk

Tsinghua Unigroup, a major government-backed player in China’s national push for self-reliance in semiconductors, defaulted on a 1.3 billion yuan bond on Monday after it failed to win approval from creditors for a rollover.   © Reuters

A series of bond defaults by Chinese state-owned enterprises (SOEs) is on the radar screen of the country's top economic planner.

At a routine press conference Tuesday, National Development and Reform Commission (NDRC) spokesperson Meng Wei called for local governments to step up supervision through project screening to prevent default risk for enterprise bonds.

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