No signs of credit restraint in China

CHINA ADVISORY - Report 24 Mar 2021 by Andrew Collier

There is widespread talk within Beijing following the leadership meetings about a return to lower credit growth following years of excesses. This is being echoed by the western media. The Financial Times just published a piece saying that Xi Jinping is “curbing the credit fuelled excesses of the past decade.” However, the data does not yet indicate a decline in credit. Instead, there is a continued effort to de-risk the financial system, reduce the influence of large conglomerates such as Alibaba, but not touch the bulk of credit supply. This may change with March’s data but it is not yet apparent.

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