US$3 billion was added to China’s debt market last month, ending a run of six straight months of outflows, the Institute of International Finance (IIF) said, but a rebound is unlikely to be sustained due to weak economic performance.
Excessive levels of indebtedness and slow income growth among Chinese residents are constraining consumption, but for now China’s Politburo is relying more on domestic demand to fuel national growth.
China’s zero-Covid policies and its post-pandemic recovery efforts have strained finances at local levels, pushing debt to an all-time high this year – twice what it was in 2017 – with little help from Beijing.
Some analysts say China’s property sector cannot be the ‘old growth driver’ it once was, while others say it will nonetheless remain a critical pillar of the economy.
Jiao Xiaoping, once in charge of managing investment with the private sector, magnified hidden-desk risks, engaged in nepotism, accepted gifts, ran businesses on the side, and failed to protect the ecosystem of the Qin Mountains.