Millions of Chinese Firms Face Collapse If Banks Don’t Act Fast More (Bloomberg) — Brigita, a director at one of China’s largest car dealers, is running out of options. Her firm’s 100 outlets have been closed for about a month because of the coronavirus, cash reserves are dwindling and banks are reluctant to extend deadlines on billions of yuan in debt coming due over the next few months. […] She asked that only her first name be used and that her firm not be identified because she isn’t authorized to speak to the press. […] To put that into perspective, China’s small businesses typically face interest payments on about 36.9 trillion yuan of loans every quarter. […] Many of China’s businesses were already grasping for lifelines before the virus hit, pummeled by a trade war and lending crackdown that sent economic growth to a three-decade low last year.
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