As the world’s second largest global economy and with an annual GDP growth of over nine percent on average, the People’s Republic of China (PRC) is central to business today, and companies around the world do business with Chinese parties. Given its status and key role in the already stressed global supply chain, economic trends in China inevitably cause significant impacts elsewhere in the world.
Soaring global inflation and the rising cost of debt are affecting businesses worldwide, including in China, where issues in the property sector have led to mortgage boycotts and new programs to bail out the mortgage and real estate industries. A recent Bloomberg article indicated that Chinese firms have missed payments on $37.3 billion of offshore bonds in 2022, with property developers responsible for nearly all that total (“China to Require Approvals for Firms to Issue Offshore Debt (1),” Bloomberg Law, Aug. 30, 2022.
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