Credit Network in China’s Zhejiang Province Crumbles
About 600 private enterprises in China are experiencing a credit crisis. This crisis was triggered by the collapse of two companies entwined in a reciprocal credit guarantee structure in Hangzhou, the capital city of eastern China’s Zhejiang Province.
A general view shows the Pudong financial district in Shanghai on Nov. 1, 2011. Mark Ralston/AFP/Getty Image
By Sophia Fang
Updated:
