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Coronavirus: nearly half a million Chinese companies close in 1st quarter

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Doesn't say how many jobs lost.

"If an insolvent firm wants to cancel its company registration, it needs to go through bankruptcy procedures or show a liquidation report confirming it had no unpaid debt or other obligations.

Once shareholders or creditors file for bankruptcy, it can take months for courts to accept the case, followed by a long process of verification, creditors’ meetings and asset sales, said Li Haifeng, a partner at Baker McKenzie FenXun."

So does this mean lots of these firms where in trouble prior?

How many normally close?

Also worth noting China faces its first contraction since 1976..... several generations have never experienced a recession. The risk to the CCP is huge as a crashing global economy may cause large scale social tension in China.

Edited by interestrateripoff
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  • 417 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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