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China's Balance Sheet Challenge

China leadership monitor, 2023-04 (75), p.1

Copyright Hoover Institution, Stanford University Spring 2023 ;ISSN: 1542-4197 ;EISSN: 1542-4200

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  • Title:
    China's Balance Sheet Challenge
  • Author: Borst, Nicholas
  • Subjects: Central government ; Economic development ; Financial systems ; Policy making
  • Is Part Of: China leadership monitor, 2023-04 (75), p.1
  • Description: After a decade of rapid credit growth, China is now much more indebted than countries at similar levels of economic development. The slowdown in the economy over the past year has increased pressure on overleveraged borrowers, posing risks for the financial system. China has three main options to address these problems: using the central government's balance sheet, readjusting the fiscal balance sheet, or selling state assets. If instead Beijing chooses to simply muddle through, it faces the risk of a Japanese-style lost decade. Policymakers should embrace the debt challenge as an impetus to reform China's fiscal system and adjust the role of government in the economy. These changes could once again set China on a path to more rapid growth. Doing so, however, would require a major shift in the Xi administration's ideological approach to the economy.
  • Publisher: Stanford: Hoover Institution, Stanford University
  • Language: Chinese;English
  • Identifier: ISSN: 1542-4197
    EISSN: 1542-4200
  • Source: Free E Journals
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