China’s debt mountain will start falling as a proportion of the country’s economic output by next year, helping to ease one of the biggest worries overshadowing the global economy, an asset management house has predicted.
The surge in China’s total debt to 270 per cent of it gross domestic product has led to mounting fears of a future financial crisis that would hit not just the Chinese economy, but the global one, given the country’s rising share of global demand.
Concerns over a potentially unsustainable rise in debts led the Chinese authorities to launch a crackdown on the “shadow” banking sector, operating outside the ambit of the formal banking system, in 2016.
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