Growing Credit Warning For China
Print Edition
THE IMF held its prospects for China in its World Economic Outlook report, with the economy expected to grow 6.6 percent this year and 6.2 percent next year.
But dependence on debt is growing at a “dangerous pace” and it must act to head off a brewing crisis, the report said.
“China continues to make progress with the complex tasks of rebalancing its economy toward consumption and services and permitting market forces a greater role,” the IMF said. “But the economy’s dependence on credit is increasing at a dangerous pace.”
China’s total debt hit 168.48 trillion yuan (US$25 trillion) at the end of last year, according to the estimate of Chinese Academy of Social Sciences.
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