This is stated in the study Bloomberg, published on May 8.
According to the agency, in the first four months of this year, Chinese companies have already defaulted on domestic bonds by 39.2 billion yuan ($ 5.8 billion), which is about 3.4 times more than the same period last year.
The pace of development of this process is now three times higher than in 2016, when the risks of default were concentrated in the first half of the year, the agency said.
Among the reasons are tightened control over banks and pressure on them in order to provide loans to small and medium-sized businesses. The fight against "shadow banking" has led to the fact that companies receive less funding, the agency writes.
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"The short maturity of bonds means that companies often have to refinance their liabilities," say analysts at Moody's Investors Service. Banks lend to such companies reluctantly, so they mainly rely on "shadow banks", whose number is rapidly decreasing, experts explain.
As previously reported, the People’s Bank of China will reduce the reserve ratio for small and medium-sized banks in order to encourage small business lending.