Debt and Distortion
Paul Armstrong-Taylor
Gebundenes Buch

Debt and Distortion

Risks and Reforms in the Chinese Financial System

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China's unprecedented growth hastransformed the lives of its people and impacted economies across the globe. Thefinancial system supported this growth by providing cheap loans to boostinvestment and, in a virtuous cycle, rapid growth insured that these loanscould be repaid. However, in recent years, this virtuous cycle has turnedvicious. The financial system has continued to lend freely and cheaply as theeconomy has slowed, and the risk of crisis has mounted. In response, thegovernment has initiated the most ambitious financial reforms in twenty years. Financialmarkets, businesses and governme...