Concerning Liaoning Province:

  • Where companies still operate after defaulting on debt
  • Authorities' reluctance to let more insolvent enterprises go under means a limited role for the market, with financiers willing to restructure their debts on the sidelines
  • Province in outright recession
  • Where officials have admitted to years of inflating fiscal revenue data

And where ... for all its problems, the district pays little more than its peers to borrow

Check it out at Bloomberg