Comments by "Roger Dodger" (@rogerdodger8415) on "Trump’s tariff strategy is causing problems for China: Steve Hilton" video.
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@leonzhuo1060 Chinese borrowing rose 14 percent in 2017, ballooning to 266 percent of gross domestic product, from 162 percent in 2008. That growth outpaced the U.K. and U.S. in the decade before the financial crisis. However, the de-risking campaign has begun to bite: Once-rare corporate debt defaults ran at a record pace in 2018; China’s huge conglomerates were reined in following debt-fueled acquisition sprees; the government targeted spending cuts in its budget; and sweeping rules were introduced to tackle shadow banking, a $10 trillion network of unregulated lending and risky investment products. There’s also been a focus on curbing loans to bloated state-owned enterprises, a task that Xi termed “the priority of priorities.” (More than half of China’s debt is held by state and private corporations.) The upshot is that the cycle of expanding credit that began in 2004 has ended, according to S&P Global Ratings. Nonetheless, former central bank governor Zhou Xiaochuan warned in late 2017 of a buildup of financial risks that are “hidden, complex, sudden, contagious and hazardous.”
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