Chinese steel industry has racked up US$400 billion of debt!!

[Dinosaur]

Exclusive: Ghost warehouse stocks haunt China's steel sector

(Reuters) - Chinese banks and companies looking to seize steel pledged as collateral by firms that have defaulted on loans are making an uncomfortable discovery: the metal was never in the warehouses in the first place.

China's demand has faltered with the slowing economy, pushing steel prices to a three-year low and making it tough for mills and traders to keep up with payments on the $400 billion of debt they racked up during years of double-digit growth.

read the rest of the article here: http://www.reuters.com/article/2012/09/16/us-china-steel-warehouse-idUSBRE88F0EJ20120916

 

[Velma]

The world has always changed in the fastest pace we have ever imagined.

 

[Cruxx]

[video=youtube;vL9xdOKf-qc]http://www.youtube.com/watch?v=vL9xdOKf-qc[/video]

 

[The_Hypocrite]

The china gahmen have trillions in reserve,, they will just nationalise every thing again...no probs for china

 

[Cruxx]

The china gahmen have trillions in reserve,, they will just nationalise every thing again...no probs for china

I wouldn't be so smug if my cuntry has a GDP per capita weaker than fucking Azerbaijan

 

[syed putra]

Damn, just when I was about to go into mining iron ore.

 

[Bigfuck]

I knew this for years. When it is manufactured products, China cannot seriously be cheaper nor better as it is machine making things or other machines. Quality and quantity of energy source supplied to machines and QC are key. I will not bother to explain too much accounting here on the game played after that.

 

[singveld]

when china bubble burst. Sinkies CPF will go with it.
you can all thanks PAP when that happen. Good luck to you.