China’s push to cut carbon emissions boosts risks for the north


Workers cut up coal carts in Dec. 2019 at a coal mine in Mentougou, west of Beijing, where many mines have been shut as China scrambles to cut carbon emissions.

Greg Baker | AFP | Getty Images

BEIJING — China’s bond defaults are increasingly concentrated in a part of the country whose growth could face greater pressure from tough new restrictions on carbon emissions, according to analysis from Nomura.

Fifteen regions in the northern half of China, including Beijing and Inner Mongolia, accounted for 63.4% of the number of national bond defaults last year, up from 51.5% in 2019, according to Nomura’s estimates published in an April 27 report.

It’s the latest sign of growing economic…


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