While 2024 may be the year of the mighty dragon, debt, inflation and frivolous projects are wreaking havoc on China’s economy.The 2008 financial crisis marked a decisive turning point in the Chinese economy — adverse effects of which are still being felt today.
The Chinese stock market at a stock exchange hall in 2015 in Fuyang, China. Image courtesy of China Foto Press & Getty Images The levels of indebtedness in the Chinese financial system gained attention globally, as 70 percent of the assets and portfolios of banks in the nation consisted of real estate. A harsh reality: a mere 5 percent decrease in this market would result in a loss of nearly USD 3 trillion, according to Bloomberg. The malaise is now widespread in China, and it is the result of a series of governance errors, exacerbated by a particular focus on security and technology.
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