Just how high have China’s bad-loan levels gotten? Amid a massive, five-year expansion in credit, and with the recent economic slowdown, the answer is becoming ever more important.
One reason people are wondering at all is that official figures look too low to be credible. Even as China’s debt level has soared, with the ratio of private-sector credit to GDP rising from 104 percent in 2008 to 134 percent by 2012, China’s reported nonperforming-loan ratio is only 1 percent—and that figure has changed little over the past few years.
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