The Chinese Will Need Another Bailout

by Tyler Durden
ZeroHedge.com
Jul 11, 2016

Here we go again. China is primed for more bailouts as their corporations and State Owned Enterprises (SOE) continue burning through billions of yuan. At the turn of the month we learned Sinopec manipulated revenues. As Reuters reported at the time, some 12 subsidiaries of Sinopec had fake invoices among other faults. Chinese companies are loading up on debt and they are investing it terribly.

Reuters also said 10 state-owned firms had “huge losses” driven primarily from bad investment decisions. Sinopec subsidiaries blew cash on 14 unused chemical plants as well acquiring two dozen fuel stations illegally.

The Rest…HERE

This entry was posted on Tuesday, July 12th, 2016 at 2:09 am and is filed under China, Conspiracy, Corruption, Economics. You can follow any responses to this entry through the RSS 2.0 feed.