Zombies propped up as China's debt swaps surpass $100b

Zombies propped up as China's debt swaps surpass $100b

Water vapor and smoke rise from a Tonghua Iron & Steel Group Co. plant in the Erdaojiang district in Tonghua, Jilin province, China, on Wednesday, Jan. 6, 2016. Phoptographer: Qilai Shen/Bloomberg

Almost a year after China rolled out steps to rein in soaring corporate leverage, concerns are rising that undeserving companies are benefiting while households are getting saddled with risks.

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