SHANGHAI -- The threat of an immediate default by China Evergrande Group receded Wednesday with a pledge by the troubled property developer to meet a key bond obligation, but the risks to China's economy are far from over.
China debt crunch
China avoids Evergrande blowup for now, but rocky road lies ahead
Developer's $7.6bn in bond payments due next year loom over financial system
The Chinese government worries that Evergrande's debt crisis could pose systemic risks. © Reuters
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