View Full Version : Chinese chase US debt defaulters

wyatt earp
October 28, 2010, 19:06
The domino effect.....

By Ariel Tung (China Daily)
Updated: 2010-10-28

Foreign buyers are neglecting to pay for goods

NEW YORK - Chinese manufacturers are generating large volumes of goods for shipments abroad, but are also facing increasingly huge amounts of defaulted payments from foreign buyers.

The Sceptre Group, a debt collection agency in California, said the number of debts owed to Chinese exporters by US companies has risen by 80 percent in the past two years.

Figures from the China Chamber of International Commerce show that the amount of overseas debts owed to Chinese companies is at least $150 billion, with an annual increase of $15 billion over the past three years.

STA International, a debt collection agency in New York, said that the number of US debts it has collected for Chinese companies has risen recently.

Debt defaulters (http://www.chinadaily.com.cn/business/2010-10/28/content_11469890.htm)

October 28, 2010, 19:28
Hah - THATS gonna fuk their 9.7% growth rate if it expands and goes on for a quarter or two...

Bama Steve
October 28, 2010, 19:57
The Chinks defaulted on a railroad bond issue back in the '20'on on US investors - pay back . . .

October 28, 2010, 21:09
Hmm... Steve the point, I think, is that if things were really improving - if the American consumer was REALLY coming back.... these defaults would not be happening - THAT! is the story here.

October 29, 2010, 06:56
... or maybe thejokker is right about china being a paper economic tiger?


But the net result is that "hot money" has flooded into China's real estate market, crating a monumental bubble. So you can't control everything, even if you are a Central State with authoritarian controls over Central Banking and currency pegs.

2. I would engineer a global recession that implodes all the asset bubbles around the world--Chinese real estate, commodities, emerging market equities, etc., as demand collapsed and supply was suddenly revealed as overly abundant.

i've explained myself ad nauseum. maybe it will be more palatable coming from chs?