The surprise default that threw China's corporate bond market into turmoil last month can be traced to massive, unprofitable investments a decade ago in ethylene glycol, a toxic but useful industrial chemical that Chinese factories consume in vast quantities.
Caixin
In depth: How ethylene glycol led to the Yongcheng Coal default
Unprofitable investments a decade ago ultimately dragged mining companies down
Chinese workers shovel coal onto a truck at a mine in Huating, Gansu Province. © Reuters
Read Next
Latest on Caixin
