Chinese Interest chains enable enterprises to default on repaying bank loans

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Interest chains enable enterprises to default on repaying bank loans

REPORTS SHOW THAT at least 700 enterprises managed to avoid repaying their bank debts over the past five years, which caused losses of billions of yuan to domestic banks. This year, China Banking Association submitted a number of lawsuits for banks, involving about 15 billion yuan ($2.2 billion). Although the banks won, they have still failed…