China's Debt Crisis Unveiled by Insider: Artificial Bull Market Worsens Instability

Two weeks of market manipulation have exacerbated China's debt crisis and may have irrevocably damaged the foundation of the country's financial stability.

Jennifer Zeng November 5, 2024

A series of unprecedented disclosures have shed light on China's debt crisis, potential bailout strategies, and concerns over the nation's economic stability. Insights from a Chinese finance expert, coupled with recent data on local debt and central government deficits, reveal a situation that may be far more dire than previously known.

Staggering Debt Levels Rarely Disclosed

China's debt problem has largely been kept from the public eye. However, recent remarks by Professor Li Jianjun, Vice President of China's Central University of Finance and Economics, have opened a window into the true scale of the crisis. 

Professor Li revealed that official local government debt has reached 42.23 trillion RMB ($5.93 trillion USD). It has also incurred an additional 57.16 trillion RMB ($8.03 trillion) in implicit debts from urban investment bonds. This brings the total to nearly 100 trillion RMB ($14.04 trillion). 

When central government debt is included, the overall figure climbs to approximately 130 trillion RMB ($18.25 trillion). 

Considering China's 2023 GDP of 126 trillion RMB ($17.69 trillion), the debt-to-GDP ratio has soared to 103%. This figure is far above the internationally accepted danger threshold of 60%. Some analysts liken this to the situation in Greece before its financial crisis.

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11/5/2024

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