A Huffalump did his business here...: China's New Mantra: Creditors First - new bankruptcy law

Wednesday, August 30, 2006

China's New Mantra: Creditors First - new bankruptcy law

Bankruptcy in the People's Republic? And legal guarantees providing creditors with better protection than workers? In a sure sign of how China keeps on changing as it becomes a world economic player and steps beyond its workers' paradise past, Beijing passed a new corporate bankruptcy law on Aug. 27. It ensures better security for capital—and puts China's workers solidly in second place.

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