, 5 tweets, 2 min read Read on Twitter
#China’s total debt rises to over 300% of GDP as Beijing loosens borrowing curbs to boost growth - The figure has risen to over US$40 trillion, some 15 per cent of overall global debt, according to data released by the Institute of International Finance scmp.com/economy/china-…
China eased its deleveraging campaign in a bid to aid the slowing economy amid the trade war with the US. China's total debt burden rose strongly in the first quarter of 2019 as Beijing allowed more loans and local government bond issuance to help shore up the slowing economy.
The figure stood at nearly 304 per cent of its gross domestic product (GDP) in the first three months of the year, up from 297 per cent a year earlier, the US-based trade association said.
Government debt rose to 51% in the first quarter from 47.4% a year earlier, while financial sector debt rose to 43% from 41.3%. The non-financial corporate sector was the only group to show a slowdown in borrowing, with debt-to-GDP ratio falling to 155.6% from 158.3% last year.
China launched a deleveraging campaign two years ago aimed at reducing debt & reining in risky lending, but as its economy slowed due to the trade war with US, the government eased credit conditions and posted fiscal spending on infrastructure projects to support economic growth.
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