New regulations try to plug the gaps in China's bankruptcy law

The bankruptcy process in China is deeply flawed. A new law is needed, but going by the latest tinkerings, it could be years.

A few years ago, I was cycling in Yunan province, down by the Vietnamese border. As night set in, I was gliding down a mountain road when I came across a huge, derelict compound. Rust-eaten corrugated roofs covered portions of the crumbling buildings. Everything looked deserted until I saw a couple of security guards tending a stove in their little office. They told me the compound had been a factory, under the supervision of the local county government, but that...

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