China New Normal. Get Used to It

 

After decades of growth far in excess of anything in the developed world, the picture looks troubled. 

Country Garden Holdings Co., one of China’s biggest real estate firms — with 3,000 pending property projects — barely avoided a default, bringing some respite amid a liquidity crisis. 

And Zhongzhi Enterprise Group Co., one of the largest shadow banks, missed dozens of payments on several  high-yield investment products, stoking contagion fears.

It is China’s debt, more than anything else, that is arousing concern, and dividing opinon.

John Authers Bloomberg 6 september 2023

https://www.bloomberg.com/opinion/articles/2023-09-06/china-economy-the-world-seems-comfortable-with-a-weak-yuan