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About 600 private Zhejiang firms make debt plea to government

17 July 2012

About 600 private enterprises owners in Hangzhou, capital of the wealthy eastern province of Zhejiang, have written to the provincial government begging for urgent financial assistance, Chinese media organisations reported today. We think the move shows the rising levels of bad debts within China’s financial system and the concentration of distress among over-extended private enterprises.

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