The Big Take
Inside the Race to Avert Disaster at China’s Biggest ‘Bad Bank’
- China’s ‘bad bank’ poses crucial test of debt-ridden system
- On the agenda: Bureaucrats, backstops and Communist doctrine
It was past 9 p.m. on Financial Street in Beijing by the time the figure inside Huarong Tower there picked up an inkbrush and, with practiced strokes, began to set characters to paper.
Another trying workday was ending for Wang Zhanfeng, corporate chairman, Chinese Communist Party functionary—and, less happily, replacement for a man who very recently had been executed.