, Columnist
China's Bold Debt Plan
The People's Republic knows deleveraging must go hand in hand with SOE reform.
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Will foreign investors shoulder China Inc.'s debt burden? Beijing hopes so.
China Chengtong Holdings Group Ltd., an asset manager under the State Council, ventured into the global bond market for the first time this week. Its $500 million of five-year notes were so well received that final orders totaling $2.1 billion came in, a person familiar told Bloomberg News. The securities pay 3.625 percent, versus the 3.667 percent yield on similar maturity Chinese government bonds.