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Title : China Goes Deeper In Debt To Boost Growth
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China Goes Deeper In Debt To Boost Growth

The quota for local government special purpose bonds, the proceeds of which must be used to fund infrastructure projects, has reached 2.15 trillion yuan (US$312 billion) so far in 2019. Photo: Xinhua

SCMP: China’s total debt rises to over 300 per cent 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
* China has eased its deleveraging campaign in a bid to aid the slowing economy amid the trade war with the United States

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, according to estimates by the Institute of International Finance.

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.

The Chinese government has sought to rein in corporate debt by restricting borrowing through informal channels, known as shadow banking. While the restrictions have prompted a reduction in corporate debt in non-financial sectors, net borrowing in other sectors has surged, bringing total debt to over US$40 trillion – some 15 per cent of overall global debt, according to data released by the Institute of International Finance.

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WNU Editor: I know from my own sources in China that this policy of permitting more debt is a move that many in Beijing are cringing at. The problem is that they have no choice. The economy is slowing down, and with the trade war continuing many in businesses in China are having problems with their cash-flows.

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