Is China’s mountain of debt about to topple over? Xi Jinping’s government was attempting to slash China’s huge debt piles before the trade spat with the US forced it to reverse course. Loading Total debt as a percentage of GDP has surged to almost 280pc after Beijing abandoned its deleveraging plan. It is now encouraging banks to lend more to the private sector and has loosened curbs on local government debt to rescue its stalling economy. The worrying debt pile has caught the eye of top policymakers. In July’s financial stability report the Bank of England warned of the risk growth in Chinese lending poses to the economy. A sustained acceleration in credit growth “could lead to renewed concerns around the sustainability of China’s already elevated debt levels”, it warned. The IMF is also concerned, saying that Beijing is “facing a difficult trade-off between supporting near-term growth in the face of adverse external shocks and containing the build-up of financial imbalances”. Who is winning the trade war? Neither the US nor China Trump’s trade war with China has helped persuade companies to move production out of the country – but factory work is not flooding back to the US. Instead,… Read full this story
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End of the miracle: Four reasons why China will be not be having a happy birthday have 330 words, post on www.smh.com.au at October 1, 2019. This is cached page on Asean Breaking News. If you want remove this page, please contact us.