The Business Times
business-time-50

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?

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

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