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China State owned Enterprise on verge of massive default
Posted on 11/30/19 at 6:07 am
Posted on 11/30/19 at 6:07 am
This from Zero Hedge....
The debt of the govt, the debt of the provinces, the debt of the banks and corporations, and the personal debt. This ponzi scheme only worked as long as capital flowed from the west, with investment down and trade in USD declining, its getting ugly quick.
quote:
Something is seriously starting to break in China's financial system.
Three days after we described the self-destructive doom loop that is tearing apart China's smaller banks, where a second bank run took place in just two weeks - an unprecedented event for a country where until earlier this year not a single bank was allowed to fail publicly and has now had no less than five bank high profile nationalizations/bailouts/runs so far this year - the Chinese bond market is bracing itself for an unprecedented shock: a major, Fortune 500 Chinese commodity trader is poised to become the biggest and highest profile state-owned enterprise to default in the dollar bond market in over two decades.
In what Bloomberg dubbed the latest sign that Beijing is more willing to allow failures in the politically sensitive SOE sector - either that, or China is simply no longer able to control the spillovers from its cracking $40 trillion financial system - commodity trader Tewoo Group - the largest state-owned enterprise in China's Tianjin province - has offered an "unprecedented" debt restructuring plan that entails deep losses for investors or a swap for new bonds with significantly lower returns.
Tewoo Group is a SOE conglomerate, owned by the local government and operates in a number of industries including infrastructure, logistics, mining, autos and ports, according to its website. It also operates in multiples countries including the U.S., Germany, Japan and Singapore. The company ranked 132 in 2018’s Fortune Global 500 list, higher than many other Chinese conglomerates including service carrier China Telecommunications and financial titan Citic Group. Even more notable are the company's financials: it had an annual revenue of $66.6 billion, profits of about $122 million, assets worth $38.3 billion, and more than 17,000 employees as of 2017, according to Fortune’s website.
The debt of the govt, the debt of the provinces, the debt of the banks and corporations, and the personal debt. This ponzi scheme only worked as long as capital flowed from the west, with investment down and trade in USD declining, its getting ugly quick.
14
Posted on 11/30/19 at 6:31 am to trinidadtiger
Maybe they’ll quit stealing and act right
Posted on 11/30/19 at 7:21 am to trinidadtiger
Again, enjoying the Chinese economy thread and insight you bring to the board.
You are like the anti-IBchinaman.
PS: Merry Christmas. The only snow we will be seeing will be video; and that is okey dokey. 81 degrees and sunny here at the moment.
You are like the anti-IBchinaman.
PS: Merry Christmas. The only snow we will be seeing will be video; and that is okey dokey. 81 degrees and sunny here at the moment.
Posted on 11/30/19 at 8:03 am to trinidadtiger
6.0% GDP bitches...
Posted on 11/30/19 at 8:13 am to trinidadtiger
My Daddy always told me that "the bigger they are, the harder they fall".
China believes that all *intellectual* property, is owned by the people; I.e., "you didn't build that". I don't know how such a "First Premise" can be reconciled with our polar, Ideological base; such being that the Individual's (God-given) Rights trump that of the Collective (State).
I'm not an economist. I don't know how China's trouble will affect us; I know they hold a lot of our debt, and that dumping it could mean trouble.
Also, China will do whatever they have to do. Hell, how many MILLIONS of their own did they systematically slaughter to git' r done. If they slaughter their own...they'll damn sure whack us. We ought to tread lightly, and work this stuff out. Think Fermi Paradox. High tech has the potential to solve basic human needs. From there, it's a matter of the Spirit.
China believes that all *intellectual* property, is owned by the people; I.e., "you didn't build that". I don't know how such a "First Premise" can be reconciled with our polar, Ideological base; such being that the Individual's (God-given) Rights trump that of the Collective (State).
I'm not an economist. I don't know how China's trouble will affect us; I know they hold a lot of our debt, and that dumping it could mean trouble.
Also, China will do whatever they have to do. Hell, how many MILLIONS of their own did they systematically slaughter to git' r done. If they slaughter their own...they'll damn sure whack us. We ought to tread lightly, and work this stuff out. Think Fermi Paradox. High tech has the potential to solve basic human needs. From there, it's a matter of the Spirit.
Posted on 11/30/19 at 8:17 am to trinidadtiger
Trump made their asses quit!
Posted on 11/30/19 at 8:18 am to trinidadtiger
So tariffs do work. Case closed.
Posted on 11/30/19 at 8:21 am to trinidadtiger
No Mercy! Mr President. 
Posted on 11/30/19 at 8:25 am to OleWarSkuleAlum
quote:
Trump made their asses quit!
Looks great till they stop buying US bonds which causes rates to rise.
We will have to see how this dance macabre plays out.
Posted on 11/30/19 at 9:03 am to IslandBuckeye
quote:
The only snow we will be seeing will be video; and that is okey dokey. 81 degrees and sunny here at the moment.
Posted on 11/30/19 at 9:08 am to trinidadtiger
quote:China State >>> Clemson
China State owned Enterprise on verge of massive default
Posted on 11/30/19 at 9:11 am to RCDfan1950
quote:
I know they hold a lot of our debt
We own the majority of our own debt.
Posted on 11/30/19 at 9:25 am to RCDfan1950
China is harvesting organs from the Falun Gong.
Forbes on organ harvesting.
And has millions of Uighurs in concentration camps. They assign state approved husbands to the wives of the uighur and falun gong men who are jailed/killed.
Yahoo: Men assigned to sleep with Uighur wives
Tread lightly my fricking arse.
This is genocide. This is still on-going. Meanwhile we have retards over here crying about two-scoops.
Forbes on organ harvesting.
And has millions of Uighurs in concentration camps. They assign state approved husbands to the wives of the uighur and falun gong men who are jailed/killed.
Yahoo: Men assigned to sleep with Uighur wives
Tread lightly my fricking arse.
This is genocide. This is still on-going. Meanwhile we have retards over here crying about two-scoops.
Posted on 11/30/19 at 9:53 am to trinidadtiger
Trinidad, much 
at all the work you do around here with posting solid, relevant information.
You doing the Lord's work baw.
And the obligatory IB Chiniman ain't gonna like this.
at all the work you do around here with posting solid, relevant information. You doing the Lord's work baw.
And the obligatory IB Chiniman ain't gonna like this.
This post was edited on 11/30/19 at 10:23 am
Posted on 11/30/19 at 10:10 am to RCDfan1950
quote:
I'm not an economist. I don't know how China's trouble will affect us; I know they hold a lot of our debt, and that dumping it could mean trouble.
Not as much as one would think
China currently holds 1.1 trillion
Posted on 11/30/19 at 10:21 am to Junky
quote:
We own the majority of our own debt.
That is not the issue, we have to keep selling more to prop up FedGov as both Congress and POTUS are too big a gaggle of cowards to cut spending.
In order to entice more folks to buy it if China stops rates likely will have to be raised and that is brutal for a debtor as large as the US.
We are close to 400 billion in interest payments yearly alone at today's rates.
It is not a reason to back off them but the implications absolutely must be considered.
Posted on 11/30/19 at 10:33 am to trinidadtiger
The Communists were so used to having it good under Bush and Obama. They don't know what to do now. Tariffs are amazing. Now imagine if we started doing them hardcore to Canada, Mexico, and the European Union.
Posted on 11/30/19 at 10:55 am to trinidadtiger
I’m going to enjoy the crash and burn and subsequent uprising of the people against the chicoms
Posted on 11/30/19 at 11:42 am to IslandBuckeye
Thanks Buckeye, and agree on the weather.
Posted on 11/30/19 at 11:46 am to bamarep
quote:
Trinidad, much at all the work you do around here with posting solid, relevant information.
You doing the Lord's work baw.
Its good to hear bamarep approves of this post!
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