September 29, 2016
Bloomberg News quotes Co-Managing Director Drew Bernstein in an article about factoring by Chinese manufacturers.
Excerpt:
More and more Chinese factories are selling unpaid customer bills to financial firms, amid record payment delays.
“Stretching out sales days can be a rational business practice,” said Drew Bernstein, co-managing partner of Marcum Bernstein & Pinchuk, one of the top-four auditors of Chinese companies listed in the U.S. “But if the slowdown becomes persistent and people start to default, then there will be financial shock across the system.”
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