日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

US EUROPE AFRICA ASIA 中文
Opinion / Op-Ed Contributors

Sooner the debt to equity shift the better

By Andrew Sheng and Xiao Geng (China Daily) Updated: 2016-06-14 07:47

Sooner the debt to equity shift the better

A clerk counts yuan bills at a bank in Huaibei, East China's Anhui province. [Photo/IC]

A spate of recent commentary has been warning of the vertiginous rise in China's debt, which jumped from 148 percent of GDP in 2007 to 249 percent at the end of the third quarter of 2015. Many are anxiously pointing out that China's debt is now comparable to that of the European Union (270 percent of GDP) and the United States (248 percent of GDP). Are they right to worry?

To some extent, they are. But while observers' concerns are not entirely baseless, it is far too early to sound the systemic-risk alarm. For starters, China has a very high savings rate-above 45 percent over the last decade, much higher than in the advanced economies-which enables it to sustain higher debt levels.

Moreover, China's banking system remains the primary channel for the deployment of the household sector's savings, meaning that those savings fund corporate investment through bank lending, rather than equity financing (which accounts for only about 5 percent of net investment). Indeed, the sharp acceleration in the debt-to-GDP ratio is partly attributable to the relative underdevelopment of China's capital market.

Once these factors are taken into account, China's overall debt levels do not seem abnormally high. While debt might be a problem for Chinese companies with excess capacity and low productivity, companies in fast-growing, productive sectors and regions may not be in too much trouble. More generally, China has made recent progress in boosting labor productivity, encouraging technological innovation, and improving service quality in key urban areas, despite severe financial repression and inadequate access to funding by small and medium-sized private enterprises.

Previous Page 1 2 Next Page

Most Viewed Today's Top News
...
主站蜘蛛池模板: 国产精品亚洲一区 | 久久人人爽人人爽人人 | 4hu网站| 91色在线| 国产精品1区 | 午夜精品久久久久久久99蜜桃i | 亚洲精品久久久久久久久久久久久 | 人妻体内射精一区二区三四 | www.国产一区| 国产牛仔裤系列在线观看 | 久久青草精品免费资源站 | 国产精品爱久久久久久久电影 | 国产精品久久久久免费 | 国产91小视频在线观看 | 成人av在线播放 | 精品国产一二三区 | www操com| 91久久精品一区二区二区 | 成人av免费 | 国产精品视频免费的 | 中文天堂av| 99热久久国产精品这里有9 | 亚洲伊人精品 | 91中文字幕在线观看 | 日日做夜夜操 | 精品一本久久中文字幕 | 日韩一区二区在线观看视频 | 一区二区播放 | 一区二区三区在线播放 | 精品视频 九九九 | 国产精品久久久久免费 | www.在线播放 | 国产精品久久久久久久久久久搜索 | 精品综合| 日韩一区二区三区在线观看 | 91不卡在线 | 7777精品伊人久久久大香线蕉 | 成人黄色免费 | 日韩a电影| 日日碰狠狠躁久久躁婷婷 | 日本黄页网站在线观看 |