China’s private stimulus

CHINA ADVISORY - Report 19 Apr 2019 by Andrew Collier

China has a significant economic “hangover” from the ten-year-old fiscal stimulus in 2009. That stimulus relied primarily on bank loans as a quick injection of capital to rejuvenate economic growth. Since then, policy has shifted through several phases and a variety of financial intermediaries and sources of capital. Overall, though, the objective has been to replace state lending with private capital. There continues to be state capital in many areas, including PBOC specified lending to the banks, and the purchases by the China Development Bank and other state institutions. But the broader trend is a privatization of state-led stimulus.

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