India could teach China a thing or two about dealing with bad debt. Banks in the world's two most populous countries have lent hundreds of billions of dollars to politically connected companies that are now in trouble. Yet, while Indian authorities are at last pushing lenders to come clean, their counterparts in Beijing seem intent on ignoring the full extent of the problem. It is a rare example of India showing its larger neighbour the way. Most corporate lending in both nations resides on the balance sheets of banks, the majority of which are government-owned. Larger-than-life Indian ...
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