People's Daily slams debt problems at firms, mentions Wanda, LeEco

Updated 2017-08-15 12:29:16 CGTN

Chinese newspaper People's Daily highlighted the importance of the real economy in China, and called for risk prevention from financial leverages, in an opinion piece published Monday.

It also spotlighted several Chinese business giants, including Dalian Wanda, LeEco, and China's four biggest banks, that have been on the front pages of Western media outlets.

For one, Chinese Internet giant LeEco has frequently appeared in domestic and foreign media outlets for its recent financial woes.

People's Daily, the flagship newspaper of the Communist Party of China, portrayed the Internet giant LeEco as a company that "tells stories in exchange for funding in order to survive."

Elliott Zaagman, who used to be in charge of a culture and globalization program in LeEco's human resource department, told CGTN the company ran itself as a large startup, but ended up trying to do too much too quickly.

The company's founder and former chairman Jia Yueting resigned from the post in July, and suppliers of the company's mobile arm have surrounded the company's building demanding for loan payments.

Leshi, the Shenzhen-listed arm of the company said it estimated a loss of some 96 million U.S. dollars in H1 due to declining revenues affected by its parent company's cash crunch.

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