Debt ceiling: Financial advisor says ‘no asset is really safe’ from default

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Bloomberg (Bloomberg) -- In 2021, a remote coal town in northeastern China was forced to undergo an unprecedented financial restructuring. Its struggles since are an ominous sign for President Xi Jinping as other heavily indebted municipalities look set to follow suit.Most Read from BloombergChina’s $23 Trillion Local Debt Mess Is About to Get WorseMeta Fined Record €1.2 Billion in EU Over US Data TransfersBiden Says US-China Relations Set to Improve ‘Very Shortly’Mexico Raises Alert Level on Volcano Rumb