There will be many more debt defaults from corporate China and it's just about anyone's guess as to how exactly this process of debt re-risking is going to unfold. While a repeat of the 2008 Lehman Bros experience is utterly out of the question (for starters because China is not integrated into the global financial system), there will be consequences. Will commodity prices be affected? Probably, as more debt with commodities as collateral is likely to receive margin calls and hit the open market.?More worrisome would be an impact on investor confidence and on actual commodities demand, which could be the end result in case many more property developers go bankrupt and/or steel manufacturers shutting down operations. So far, China watchers remain of the view that Chinese authorities will jump to the rescue if their own domestic version of too big too fail ends up in trouble.