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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.

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