Though Chinese state-run tabloid Global Times hinted this week that indebted real estate developer Evergrande isn’t “too big to fail,” most economists and ratings analysts are betting that China will step in and force a restructuring of its $300 billion in debts.The pain of a collapse would be messy and not worth the possible advantages of the government standing its ground and letting the chips fall where they may in order to instill greater financial prudence—though that too is a goal of China’s.“It is clear, however, that the regulators must act quickly to contain the spread of financial distress costs,” wrote Michael Pettis, professor of finance at Peking University’s Guanghua School of
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