The unprecedented wave of bankruptcies of the construction firms and the creditors coincide with the Beijing regime attack on Australian imports.



The business failures have prompted a cascade of bond defaults after Chinese Communist Party's new strategy turned to be inadequate to the scale of mismanagement and theft in the state-controlled firms.

President of XCMG Group, the country’s biggest construction machinery business told media that the government mismanagement puts unreasonable performance targets on these companies. The other sources added that the CCP could not find new investors after the US tightened its finacial markets cutting Chinese of short the benefits.

Several Communist China's state companies, led by Yongcheng Coal & Electricity Holding Group, have defaulted this month, triggering a wider sell-off in corporate bonds and the cancellation of many new issuances in the world’s second-biggest fixed income market. These bankruptcies shattered the myth that Beijing can bail its firms out of any trouble. The Western analysts who promoted this false assessment would not mention that Beijing bail out depended on the access to the new Western credits.

The election of Mr. Biden, who has been seen as soft on Communist China's, raised a danger that new administration may reverse the decision that led to the troubles for Chinese economy. The evidence of Mr. Biden secret business relations with top Chinese Communist Party officials who presumably paid a four digits bribes have been shunned by the US mainstream media, with some journalist personally getting involved in the cover-up. Mr. Biden was protected against any questions related to the financial scandal.

But the sanctions have turned to be painful for the Beijing regime and led to the financial destruction of its business dependent on the access to the renewable credit financed by the Western taxpayers.

The problem for Communist China appeared when it attacked Australian economy at first increasing the cost by the causing the delays and then imposing unjustified tariffs.



"We see much more aggressive China"

We do see a much more aggressive or assertive China in terms of the way it engages with the world, Mr Simon Birmingham said on ABC television on Sunday.

These types of actions don't just hurt Australian businesses, they hurt their Chinese counterparts as well. They undermine confidence in the global economy, and that's not good for the world's recovery from pandemic, he emphasised.

Prime Minister Scott Morrison stated on Sunday the government will look at assisting exporters hurt by China’s trade measures.

It is a difficult time and there are tensions, the prime minister said on ABC radio.

We will do everything we can to ensure that we can try and address these trade issues that have come up with China. Obviously we're very concerned about that.