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Herd of 'grey rhinos' threatens economy in China

The grey rhinos have a common characteristic: A lot of debt and many deals

Keith Bradsher & Sui-Lee Wee | NYT  |  Shanghai 

Let the West worry about the so-called black swans, rare and unexpected events that can upset financial markets. China is more concerned about “grey rhinos” — large and visible problems in the economy that are ignored until they start moving fast. The rhinos are a herd of Chinese tycoons who have used a combination of political connections and raw ambition to create sprawling global conglomerates. Companies like Anbang Insurance Group, Fosun International, HNA Group and Dalian Wanda Group have feasted on cheap debt provided by state banks, spending lavishly to build their ...

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First Published: Tue, July 25 2017. 01:49 IST