China Insider: China Feels the Pain as State Firm Defaults Rise

China has seen a succession of corporate defaults, driving up the country’s debt storm. Many of the defaults this year have come from the so-called “too big to fail” state-owned enterprises. This month’s defaults include those of Tsinghua Unigroup and Yongcheng Coal & Electricity Holding Group. Baoshang Bank also admitted that it was insolvent and could not survive.