WORLD ECONOMY_ Will Australia die by the Chinese sword?

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Will Australia die by the Chinese sword?

AUSTRALIA has a lot riding on the health of the Chinese economy. And while we’ve benefited from its huge rise, we’re not prepared for the fall.

Jason Murphy @jasemurphy
news.com.au
June 6, 201811:24am



It shouldn’t just be Shanghai traders worried about the Chinese economy. Picture: AP Source:AP


LIVE by the sword, die by the sword. That’s what they say. In Australia’s case, the sword we’ve lived by has been China. The world’s biggest country has grown rich by feeding on our steel and coal, and we have grown rich alongside it.

But we could die by the same sword. China has developed some big problems and if they get much worse, they could cut us down.

The best way to understand China’s problems is to look back at America in 2007. There was a lot of debt all through the American financial system, but nobody knew just how much of it was bad debt. In America bad debt turned into a global financial crisis within a year, and the subsequent recession caused enormous human suffering across the world.

China has not yet had a financial crisis — and it may never have one — but its level of debt is looking pretty damn dangerous, as shown by the next chart.

Debt has pretty much doubled as a share of the economy in the last 10 years. That’s especially frightening when you consider that China’s economy has got so much bigger at the same time.

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READ MORE: https://www.news.com.au/finance/economy/world-economy/will-australia-die-by-the-chinese-sword/news-story/cb1a9462931889f8160966b51cafda08

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