The Business Times

Nicholas Borst

A view of Beijing's Central Business District. After China reopened in January 2023, private consumption recovered much more slowly than economists had anticipated. Some 20 months on, China’s retail sales remain substantially below their pre-pandemic trend.

How deeply rooted are China’s economic woes?

Four major problems shape the country’s slowdown

Behind the excellent balance sheet of China's central government is a vast array of contingent liabilities. Beijing thus prioritises the strength of its own balance sheet, as during a crisis, any or all of those borrowers could requite a bailout.

China’s economic recovery is balance sheet constrained

The era of fiscal trade-offs in China has begun

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