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The Shandong economy is skewed toward gritty smokestack industries where companies are typically highly said Chang Li China country specialist for Global Ratings NegativeBEIJING Many privately held firms in Shandong Chinas thirdbiggest province by economic output are struggling to repay shortterm debt due to declining industry fundamentals entangled cross guarantees and illmanaged investments Global Ratings said http://www.reuters.com/places/chinahttps://www.reuters.com/article/us-china-economy-debt-shandong/many-firms-in-chinas-third-biggest-province-struggling-to-pay-debt-sp-idUSKBN1X008G2019-10-21