Debt crisis

Dikang, chinaworker.info 80 percent of China’s local government finance vehicles (LGFVs) can no longer meet their bond repayments. The LGFVs are entities owned by local governments that were set up at the time of the global financial crisis in 2008. ...

Housing sales, prices, investment and construction are all down in 2023 Dikang, chinaworker.info China’s property crisis shows no signs of bottoming out. In 2021, 18 trillion yuan (US$2.46 trillion) worth of property was sold in China, according to...

China’s rulers are destroying ten times as many coal mining jobs as Britain’s ‘Iron Lady’ Mrs Thatcher chinaworker.info reporters A tsunami of job destruction is heading towards heavy industry in China. This is especially in the coal and steel ...

China’s leaders in tough balancing act between growing debt mountain and falling growth rate chinaworker.info China’s central bank (PBOC) announced on Wednesday 4 February a half percentage point cut in banks’ reserve requirement ratio (RRR) in...

Local government debt has soared but Beijing’s attempt to curb runaway credit misfires again Vincent Kolo, chinaworker.info An end-of year scramble for funds by financial institutions drove up interbank lending rates to levels not seen since th...

Credit explosion “unprecedented in modern world history” behind financial volatility Vincent Kolo, chinaworker.info World financial markets have been rocked again in recent days. First came the US Fed’s announcement last Wednesday (19 June) tha...

Socialist magazine (published by the Chinese section of the CWI) asked Vincent Kolo, senior editor of chinaworker.info, about rising levels of debt in China and whether this heralds a financial collapse? Socialist magazine: How serious are China’s...