With slowing corporate credit growth and widening credit spreads for China’s corporate bonds, many firms are going to face refinancing difficulties in 2018. We took a detailed look at what corporate debt instruments are maturing this year, by industry, by type of bond, and by region. China’s northeastern provinces and mining centers Yunnan and Guizhou are particularly vulnerable, and the real estate sector is also clearly at risk. As corporate debt refinancing becomes more difficult, China’s deleveraging effort is shifting more decisively away from the financial sector to impact the real economy.
