China's Debt_ China’s Debt Addiction Could Lead to a Financial Crisis

BARRON'S ASIA

China’s Debt Addiction Could Lead to a Financial Crisis

China’s borrowing spree could end badly, with dangerous repercussions for the rest of the world.

By JONATHAN R. LAING
November 5, 2016



With China’s debt climbing to 300% of GDP, critics warn of a potential financial crisis. Illo: C. J. Burton for Barron’s


The China state-capitalism model was the talk of the annual Davos Economic Conference in 2011. Not only had the Middle Kingdom managed to deftly sidestep the 2008-09 global credit crisis, but its gross domestic product was also growing smartly—up 10.6% in 2010 alone—when much of the emerging and developed world was still wallowing in a slough of economic despond.

These days, however, China has lost much of its economic luster. GDP, or gross domestic product growth has slowed dramatically; the economy expanded by only 6.7% in the first three quarters of this year, according to government reports that most deem wildly inflated. Even so, that’s the slowest growth rate in 25 years. The nation is likewise afflicted with unhealthy asset bubbles that come and go with worrisome rapidity, most recently, last year’s stock market boom and bust.

READ MORE: http://www.barrons.com/articles/chinas-debt-addiction-could-lead-to-a-financial-crisis-1478322658

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