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Bloomberg estimates show every one dollar of new credit created now yields about 17 cents in GDP growth as old polices of state led growth are no longer working. This compares to over 83 cents in 2007. Financial repression by reducing interest rates for savers is further depressing consumer spending when it is most needed to rebalance the economy towards domestic consumption.
Grouped Articles
Wall Street Journal 07/01/2013
Wall Street Journal 07/15/2013
China Think Tank Offers Reform Wish List
Wall Street Journal 10/30/2013
China Forecasts 7.6% Economic Growth in 2013
Wall Street Journal 12/27/2013
Xi Faces Test Over China's Local Debt
Wall Street Journal 12/31/2013
Beijing Should Scrap the GDP Target
Wall Street Journal 01/08/2014
Grouped Articles
China's Moment of Truth: Financial Reform or Growth?
Wall Street Journal 09/16/2014
China's Economy Stumbles Into Stimulus
Wall Street Journal 09/16/2014
China's Central Bank Injects $81 Billion Into Top Banks to Counter Slowdown
Wall Street Journal 09/18/2014
Reform in China: The quiet revolution
Economist 04/18/2015
China’s True Growth Is a Mystery; Economists Weigh the Clues
Wall Street Journal 04/27/2015
Devaluation Hints at China’s Rising Distress Over Economy
New York Times 08/12/2015
The DRC under Liu He is pushing for changes that put the focus on credit risk in China's banking system. He is now a close advisor to China's president Jinping.
Grouped Articles
China Think Tank Offers Reform Wish List
Wall Street Journal 10/30/2013
China's Central Banker Leads Push to Overhaul Economy
Wall Street Journal 11/05/2013
Insuring a Path to Chinese Reform
Wall Street Journal 11/06/2013
China's Party Platter of Overhauls
Wall Street Journal 11/09/2013
Xi Weakens Role of Beijing's No. 2
Wall Street Journal 12/21/2013
At China's NPC, Proposed Changes Include Bank Deposit Insurance
Wall Street Journal 03/06/2014
Grouped Articles
China Central Bank Vows to Step Up Monitoring of Loan Default Risks
Wall Street Journal 05/07/2014
China's Moment of Truth: Financial Reform or Growth?
Wall Street Journal 09/16/2014
China Moves to Free Up Money in Its Economy
New York Times 02/04/2015
Economist 07/04/2015
China’s Banks Face Worst Year in Over a Decade
Wall Street Journal 08/28/2015
Beijing Muddles Markets With Mixed Signals
Wall Street Journal 01/06/2016
Grouped Articles
China Slows Pace of Lending, but Informal Loans Increase
Wall Street Journal 01/17/2014
Wall Street Journal 02/02/2014
Shadow banking in China: Credit paroled
Economist 02/04/2014
China's Moment of Truth: Financial Reform or Growth?
Wall Street Journal 09/16/2014
Chinese debt: The great hole of China
Economist 10/17/2014
China’s Shadow-Banking Boom Is Over
Wall Street Journal 12/24/2014
Grouped Articles
Critics Decry Risks Posed by Link Between China's Banks and Bonds
Wall Street Journal 08/16/2013
China's Credit Levels Echo U.S. Crisis
Wall Street Journal 09/08/2013
Bond Market in China May See First Local Default
New York Times 03/04/2014
Default Signals Growing Maturity of China's Bond Market
New York Times 03/07/2014
China's Moment of Truth: Financial Reform or Growth?
Wall Street Journal 09/16/2014
Why Investors Shy Away From China’s $6.4 Trillion Bond Market
Wall Street Journal 07/23/2015
With surging credit growth this stimulus is smaller, and being financed by the federal government which has more leeway than local governments burdened with debt. The carefully calibrated credit growth is seen as a smaller risk- as China's credit growth has reached bubble proportions- than letting the economy grow below about the 7% needed to create 10 million new jobs. The investments are focussed on railways in southern and western China to support new export based industries, and on low income housing for shantytowns. This gives a chance for poorer regions and poorer sections of the population to catchup as the focus shifts to reforms, and new emphasis on pollution and other indicators of better living conditions.
Grouped Articles
China Stimulus Puts New Focus on Growth Target
Wall Street Journal 04/03/2014
China's Moment of Truth: Financial Reform or Growth?
Wall Street Journal 09/16/2014
China's Economy Stumbles Into Stimulus
Wall Street Journal 09/16/2014
China's Central Bank Injects $81 Billion Into Top Banks to Counter Slowdown
Wall Street Journal 09/18/2014
Heard: China's Stimulus Has Short Legs
Wall Street Journal 09/18/2014
Chinese debt: The great hole of China
Economist 10/17/2014
Grouped Articles
China Lends Some Credibility to Reform
Wall Street Journal 07/19/2013
China Think Tank Offers Reform Wish List
Wall Street Journal 10/30/2013
China's Moment of Truth: Financial Reform or Growth?
Wall Street Journal 09/16/2014
China's Central Bank Injects $81 Billion Into Top Banks to Counter Slowdown
Wall Street Journal 09/18/2014
Grouped Articles
As Markets Seesaw, Chinaâs Central Bank Tries to Allay Concern on Tight Credit
New York Times 06/25/2013
Central Bankers Hone Tools to Pop Bubbles
Wall Street Journal 07/08/2013
China's Credit Levels Echo U.S. Crisis
Wall Street Journal 09/08/2013
China Think Tank Offers Reform Wish List
Wall Street Journal 10/30/2013
China's Central Banker Leads Push to Overhaul Economy
Wall Street Journal 11/05/2013
Insuring a Path to Chinese Reform
Wall Street Journal 11/06/2013
The leadership and priorities of Zhou Xiaochuan, who has headed the PBOC, central bank of China, since 2002. He was appointed to a new third five year term in 2013.
Grouped Articles
China’s Economic Problems Unlike Those Elsewhere
New York Times 05/28/2013
China's 'Shadow Banks' Fan Debt-Bubble Fears
Wall Street Journal 06/24/2013
China's Silver Linings Playbook
Wall Street Journal 06/24/2013
Wall Street Journal 06/25/2013
China Central Bank Warns Banks on Liquidity
Wall Street Journal 06/25/2013
Credit Warnings Offer World a Peek Into Chinaâs Secretive Banks
New York Times 06/24/2013
Grouped Articles
China Banks Keep the Fees Flowing
Wall Street Journal 12/27/2013
Xi Faces Test Over China's Local Debt
Wall Street Journal 12/31/2013
Regulators at Odds on Reining In China's Shadow Lending
Wall Street Journal 01/15/2014
Wall Street Journal 08/18/2014
China's Moment of Truth: Financial Reform or Growth?
Wall Street Journal 09/16/2014
Profit Growth Is Slowing at China’s Biggest Banks
Wall Street Journal 10/30/2014
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