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A Study of China’s Total Debt

  • Xiaohuang Zhu
  • Song Lin
  • Lin Wang
  • Wenqi Wu
  • Quanli Qin
Chapter

Abstract

Debt is a natural component of the macroeconomy, but its sound development cannot be achieved without proper debt leverage. In fact, the macroeconomy may be jeopardized when the total debt volume becomes too large. The current total debt of China is nearly twice its GDP, and non-governmental debt accounts for more than 80% of the total. Furthermore, during the last 5 years, the dependence of China’s economic growth on debt has nearly doubled. All these factors imply that it’s critical and urgent to study the size and scale of China’s debt.

References

  1. Financial Bureau, Ministry of Finance. Debt Management Report 2016[R], Japan, 2016:164–170.Google Scholar
  2. Reinhart C M, Rogoff K S. Growth in a Time of Debt[J]. American Economic Review, 2010, 100(2):573–78.CrossRefGoogle Scholar
  3. The Securities Industry and Financial Markets Association (SIFMA), U.S. bond Market[Z], available at http://www.sifma.org/legal/, 2015.

Copyright information

© Springer Nature Singapore Pte Ltd. 2018

Authors and Affiliations

  • Xiaohuang Zhu
    • 1
  • Song Lin
    • 2
  • Lin Wang
    • 3
  • Wenqi Wu
    • 4
  • Quanli Qin
    • 5
  1. 1.CITIC GroupBeijingChina
  2. 2.Central University of Finance and EconomicsBeijingChina
  3. 3.Risk Management DivisionChina Construction BankBeijingChina
  4. 4.China Asset Management CompanyBeijingChina
  5. 5.RenMin University of ChinaBeijingChina

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