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The latest news and features on China's debt, both local and national.
Spreading debt distress and rising extreme poverty in Global South have more to do with Western private-public lending practices, often promoted by Washington, than China.
Top economic meeting makes it clear that the way forward for the nation in complex conditions is to build resilience and capacity for longer-term growth.
The Chinese leadership’s advocacy for measures to support and spur growth in the private sector economy intensified in 2023, but the protection of private firms’ assets and rights remain a concern.
Efforts to defend Beijing’s official narrative have intensified this year, as the country’s post-coronavirus economic recovery slowed amid mounting problems.
- Move comes a week after Fitch cut its projection for the country’s sovereign credit rating, reflecting pessimism in the world’s second largest economy
- ‘The large size of the banking sector … constrains the government’s ability to support the sector,’ the credit ratings agency says
One of China’s most indebted provinces has brilliant bridges and vast roads, but also one of the nation’s worst per capita income levels, along with debt pressure that could weigh down the region for years.
Survey finds that shrinking market demand and outstanding billables continue to plague small and micro-sized Chinese firms, leaving struggling owners feeling increasingly lost at sea.
Striving to reduce local government debt while boosting China’s local-level economies through investment is seen as a conflicting approach, while a decline in construction machinery operations does not bode well.
A city in China’s northwest has been thrust into the spotlight for a light rail project that has seen delays, environmental criticism and cost overruns amid a campaign to curb excessive spending.
CCTV documentary featuring former Guizhou official who left a city at risk of default suggests that the country’s graft watchdog will target the misuse of public funds this year.
China’s municipalities will see lower default risks at their local government financing vehicles (LGFVs) next year, thanks to a gradual recovery in fiscal revenues and policy support from the central government, analysts said.
China is on course to hit its economic growth target for 2023, but many institutions have cut their 2024 forecasts, with the world’s second-largest economy set to face old and new risks next year.
China’s local governments are issuing refinancing bonds to service outstanding liabilities associated with US$9 trillion of ‘hidden’ debt amid efforts by Beijing to defuse risks in its slowing economy.
Chinese equities suffered an outflow of around US$15 billion in August, marking the largest monthly outflow on record for Chinese stocks.
China’s significant jump in share of total global debt stock to 20 per cent draws scrutiny as its regional governments confront financial strain.
China’s southern metropolis of Shenzhen is the only mainland city where individuals can apply for bankruptcy, but it’s not easy, as authorities seem to frown on debt forgiveness.
Adding to the property sector’s woes, Moody’s slashed the embattled developer’s credit ratings by three notches to Ca from Caa1.
Country Garden posts huge loss as developer teeters on the edge of default, underscoring the financial strains in the country’s property sector.
Property is one of the biggest risks facing the economy with the country’s largest private developer Country Garden adding to the sector’s woes.
Beijing has pledged to build the private economy, which it views as the backbone of the economy, ‘bigger, better and stronger’, but firms are owed an increasing amount of money from the government and state-owned firms.
The US president says the Asian giant is ‘in trouble’ because of weak growth, and when ‘bad folks have problems, they do bad things’.
