The China Bears’ Feeble Growl
In recent months, bearish sentiment about the Chinese economy has surged. But, despite serious problems with local debt, housing prices, and underground credit networks, China's economy remains strong.
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BEIJING – In recent months, bearish sentiment about the Chinese economy has surged, owing largely to three conjectures. First, China’s housing market is on the brink of collapse. Second, China’s fiscal position will worsen rapidly because of massive local government debt. And, third, the collapse of underground credit networks in bustling cities such as Wenzhou will lead to a broad financial crisis across the country.