Explainer: Behind the climb in Chinese companies' defaults on bond payments

HONG KONG/SHANGHAI (Reuters) - China has seen a jump in private-sector corporate debt defaults this year to record highs as the pace of economic growth slows to its lowest level in nearly 30 years amid trade tensions with the United States.Authorities are also keen to wean market players off the perception that central and local-government backed-borrowers enjoy an implicit guarantee. That has led to stress among some state-backed firms and there are signs this could soon affect the offshore..