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Shanghai 2008
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It was hit by a debt crisis last year when more than 90 bosses of private companies fled after being unable to repay crippling debts as the economy slowed.
ReplyDeleteThe crisis cast a spotlight on underground lending that had flourished in the city as authorities clamped down on official financing channels and major banks chose to lend mainly to large state-owned enterprises.
China's economy is widely expected to slow this year as woes in key export markets such as Europe and the United States hit its overseas sales, with smaller companies likely to suffer more than state-owned giants.