A slowing economy has exposed China’s insolvency regime as a system grappling with outdated legislation, growing cross-border complexities, and a cultural mindset reluctant to change. Yet, within these challenges lie opportunities for reform, writes Luna Jin
In an ancient Chinese fable, the renowned physician Bian Que warns a ruler about a minor illness, only to be dismissed. He returns twice more, each time urging action as the illness worsens. By the fourth visit, the physician leaves silently – the illness has become terminal, and the ruler dies.
This frequently quoted tale brings to mind China’s corporate insolvency landscape, where businesses often delay seeking help until financial troubles spiral out of control.
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