China is forecast to surpass the US as the world’s largest corporate debt market for non-financial companies within the next two years, according to a report from Standard & Poor's Ratings Services.
The rating agency expects the debt needs of companies in China could reach upwards of $18tn by the end of 2017, accounting for a third of the forecast $53tn in new debt and refinancing needs of global companies over the next five years. Debt includes bank loans and bonds and is drawn from public information collated by S&P.
“China is poised to overtake the US and then the US and eurozone combined,” said Jayan Dhru, senior managing director at S&P.
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