China’s Twin Challenges
This month’s monetary-policy statement from the People’s Bank of China contained a striking statement: “If endogenous momentum is inadequate and returns on investment low, growth must rely on debt to a great extent.” Those words highlight the twin challenges – real and financial – the Chinese economy now confronts.
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LONDON – This month’s monetary-policy statement from the People’s Bank of China (PBOC) contained a striking statement: “If endogenous momentum is inadequate and returns on investment low, growth must rely on debt to a great extent.” Those words highlight the twin challenges – real and financial – that the Chinese economy now confronts.