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"Company operations have become increasingly difficult, making bond issuers faced with increasing pressure to pay off their debt," said a senior trader at a Chinese state-owned bank in Shanghai.

But this year’s jump in defaults, mainly by state-run firms—which account for around 70% of the corporate-bond market—has shaken investors’ long-held assumption that if such companies had trouble paying back creditors, the government would have their backs.
Already, the premium investors are willing to pay for the highest-rated Chinese company bonds over the debt of riskier companies rated at single-A has widened to an all-time high, based on their yields.
Corporate issuers have canceled 72 planned new issues this year, and a further 16 have been delayed, according to Shanghai data provider Wind Information.

The People's Bank of China has more financial assets than any single public institution, and is second only to the Federal Reserve System of the United States in terms of overall central bank assets.