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Virus credit crunch hits millions of Chinese firms

Image copyright Getty Images Image caption A man wears a protective face mask as he walks in the normally bustling Wangfujing shopping street in central Beijing Mounting debts have hit Chinese companies struggling to pay workers and suppliers amid the coronavirus outbreak.President Xi Xinping said on Sunday that China faces a “big test” to combat…

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A man wears a protective face mask as he walks in the normally bustling Wangfujing shopping street in central Beijing

Mounting debts have hit Chinese companies struggling to pay workers and suppliers amid the coronavirus outbreak.President Xi Xinping said on Sunday that China faces a “big test” to combat the virus.The government has asked banks to offer more credit for an economy stunned as the virus spreads rapidly.But a survey of small and medium Chinese firms found millions at the edge of survival.The Chinese Association of Small and Medium Enterprises said around 60% could cover regular pa
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