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More pain than gain seen for China economy

It will take time before reforms turn net positive, Beijing needs to do more for a turnaround

China's debt overhang has made it hard to stimulate productive investment. Private firms, facing stubbornly weak customer demand and high real interest rates, prefer to repay debt than invest in new capacity.


CHINA'S economic growth, already at its slowest in decades, will get worse before it gets better, as economists say it will take time before liberalising reforms turn net positive, and Beijing needs to bite more such bullets for a sustainable turnaround.

GDP (gross