Zhang Guoqing barely had time to settle into his new job as Communist Party secretary of China's Liaoning province in September when he was confronted with his first big test - to bail out or not bail out the cash-strapped Huachen Automotive Group.
Huachen, a state-owned enterprise (SOE), not only makes locally branded vehicles but is also involved in joint ventures with Germany's BMW and France's Renault. It was also in deep financial trouble, with a one-billion yuan (S$204.3 million) bond due on Oct 23.
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