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China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

May 1997

William Winters, Managing director and head of international fixed income, JP Morgan Securities



Even in the age-conscious Euromarket where the best and the brightest, like policemen, seem to get younger, Bill Winters is a classic example of a fast-track career. Still only 35, he runs all of JP Morgan's fixed-income activities in Europe. Given Morgan's surge in primary underwriting and inherent strengths in swaps and derivatives, this makes him one of the most important individuals in the Euromarket. "Bill Winters' position is not dissimilar to Jimmy Forese at Salomon Brothers in London but Bill carries the Morgan calling card which gives him a definite advantage," comments a former Salomon managing director.

Certainly JP Morgan has cut a swathe through the Euromarkets in the past two years. While no-one doubted the bank's determination, the name or the depth of its financial resources, it was the rapidity of Morgan's ascent which took competitors by surprise. "They accomplished in two years what might have taken others...


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