China's Debt_ Bank of England Governor Mark Carney rings alarm over China's debt

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Bank of England Governor Mark Carney rings alarm over China's debt

By Daily Mail City & Finance Reporter
Published: 07:36 EST, 22 September 2015 | Updated: 07:36 EST, 22 September 2015

The Governor of the Bank of England has warned of the threat posed by China to the global economy – arguing its rapid growth since the financial crisis has been fuelled by debt.

Speaking last night, Mark Carney recalled the recent financial crisis following the ‘massive increases in household debt’.

He said this was ‘last seen in the Great Depression’ that followed the 1929 Wall Street Crash. Describing ‘this time it’s different’ as ‘the four most expensive words in the English language’, Carney then referred to the growing problems in China which wiped billions off stock markets across the world.



Debt fears: Mark Carney has warned of the threat posed by China to the global economy

He said the ‘aftermath of the global credit crunch has been severe’, with global output still 10 per cent below pre-crisis levels.

He added: ‘These challenges appear more pressing as some are now questioning their faith in another era – China’s glide path to global economic hegemony.

'China’s economic miracle over the past three decades is extraordinary, and it has helped to lift billions of people around the world out of poverty.

'However, the Chinese economy’s post crisis performance has been bolstered by a large build up of debt, which has more than doubled to reach almost 200 per cent of GDP.’

Carney added that – like in the ‘advanced world’ – China’s ‘debt boom owed much to the explosion of shadow banking’. This is the vast network of loosely regulated financial companies which provide alternatives to banks.

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