High household debt poised to drag on Chinese consumption growth
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Publication Date:
August 22, 2018
Surging household debt, an overheated real estate market, and the emergence of new lending technologies facilitating credit expansion were all prevalent in the US preceding the 2008 Global Financial Crisis and ensuing “great recession.” These very same trends have emerged in China since late 2015. Recent policies designed to “de-risk” financial system hazards could help China to avoid a large-scale financial crisis, but mounting household debt will inevitably weigh on consumption growth at some point. Arguably, this is already happening.
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