China's Debt_ China Stock Tumble Scarier Than Greek Debt Crisis

THE WALL STREET JOURNAL
12:15 pm HKT Jul 8, 2015
Economy & Business

China Stock Tumble Scarier Than Greek Debt Crisis

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A man sits in front of a screen board showing stocks in Shanghai. Pei Xin/Zuma Press

China’s stock plunge is scarier than Greece, writes Morgan Stanley Investment Management’s Ruchir Sharma:

The continuing crisis is viewed, locally and globally, as a test of China’s control over the economy. The “Beijing put”—a perception that Chinese economy and markets are backstopped by the government—is under threat. That perception has underpinned the widespread belief that Chinese growth won’t fall much below 7%, because that is the government’s desired target and Beijing is omnipotent. …


But if Beijing can’t stop the market’s tumble, there could be a sudden shift in the perception of exactly how far economic growth might fall under the weight of too much debt. If that floor crumbles and the Chinese economy spirals downward, it will make the drama surrounding Greece feel like a sideshow. China has been the largest contributor to global growth this decade; Greece’s economy is about the size as that of Bangladesh or Vietnam.

READ MORE: http://blogs.wsj.com/chinarealtime/2015/07/08/china-stock-tumble-scarier-than-greek-debt-crisis/

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