Why is there evergrande problem in China?

A crisis at the world’s most indebted company has worsened after news it had missed a crucial repayment deadline. That prompted Fitch, an agency that rates companies’ financial risk, to declare Evergrande in default. The crisis has spooked investors who fear contagion across China’s property and banking sectors.

What is happening with Evergrande now?

Evergrande is faced with more than $300 billion in debt, hundreds of unfinished residential buildings and angry suppliers who have shut down construction sites. The company has started to pay overdue bills by handing over unfinished properties, and it has even asked employees to lend it money.

How well do we know China?

We don’t know China. Nor, however, do the Chinese — not even the government. We don’t know China because, in ways that have generally not been acknowledged, virtually every piece of information issued from or about the country is unreliable, partial, or distorted.

Is the US trying to ‘contain’ China?

“Anything the US does on its own will only be read as yet another tactic in its desire to ‘contain’ China,” Jessica Teets, a China expert at Middlebury College who edits the Journal of Chinese Political Science, told me.

Why is China now a more active voice at the UN?

Many have been bought off. China is now a more active and influential voice at the United Nations because so many countries are benefiting from billions of dollars in Chinese investments through its “Belt and Road” infrastructure programme.

Why can’t foreign journalists go to China?

China has restricted access to foreign journalists, other than those taken on bizarre propaganda tours, so reporters have largely been left to rely on accounts of escapees and the diaspora as well as satellite imagery to try to piece together what is going on there.

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