There is no question that China significantly increased the leverage in its economy to counter the global financial crisis. A surge in credit was the single most important part of the government’s vaunted stimulus programme: new lending by state-owned banks from 2008-10 was about 60 percent of gross domestic product.
Some economists say they are less concerned about how much leverage China has than at the speed of the rise in China’s leverage.
UBS economist Wang Tao has noted that an increase of 40 percentage points in a country’s credit-to-GDP ratio over five years correlates very well with financial crises. In China, there has been an increase of 40 percentage points in the past three years alone.
您已閱讀36%（706字），剩余64%（1239字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。