Default and Bankruptcy Resolution in China
本文综述了中国企业债务增长、债务构成演变、不良贷款、违约和破产申请的特征事实，描述了破产重组与清算的法律政治制度及改革，并讨论了司法执行中的挑战和未来研究方向。
In this article, we review the literature on the recent growth of corporate debt in China and present stylized facts on the evolution of debt composition, nonperforming loans, defaults, and bankruptcy filings. We then describe the legal and political institutions that characterize the system for restructuring and liquidating financially distressed firms, including recent reforms of China's bankruptcy law. Finally, we discuss the main challenges faced by China in the implementation of these reforms, including frictions in judicial enforcement. We also propose potential avenues for future research.