In the first 10 months of the year, 34 Chinese companies defaulted on domestic bonds totaling 84 billion renminbi in value … China’s corporate debt leads the world and is crushingly high for an emerging country, at 163% GDP, and that is a bit more than half all of its combined three other sectors. In 2017, Harry Dent was making calls about the Australian property market that are coming into play as we speak.At The Rum Rebellion, this sort of biased, inaccurate media that isn’t accepted. (Reuters) - A key gauge of China’s debt has topped 300% of gross domestic product, according to the Institute of International Finance (IIF), as Beijing steps up support for the cooling economy while trying to contain financial risks. The BIS also converts local-currency debt to dollars, so that the total debts can be compared from one country to another. This paper considers the consequences of a China debt crisis for the Chinese and global economies, with a special focus on Southeast Asia and emerging markets. The first global debt bubble came from 2001–08, rising from $77 tr (trillion) to $180 tr. Reporting by Asia Economics and Markets Desk; Editing by Richard BorsukFILE PHOTO: A man rides an electric motorcycle carrying water past Chow Tai Fook Financial Center in Tianjin's Binhai new district, China May 16, 2019. And China’s corporate and total debt are roughly double that of most emerging countries — with lots of empty buildings and factories to show for it.So, where would the worst defaults likely occur? ... Chinese corporate borrowers have defaulted on nearly $20 billion in loans this year. Then spreading to the biggest real estate bubble wherein consumers have 89% ownership and 75% of their net worth in real estate…it’s 62% and 25%, respectively, in the US and they are much poorer per capita.When China’s real estate bubble blows, all real estate bubbles blow…The flow-on effects will be keenly felt in Australia.Since around 2004, Australia’s exports to China has gone exponential as you can see below:As of October, China now makes up 38% of all of Australia’s exports — more than any other country.China may move to cut its Reserve Requirement Ratio (RRR) again in the new year — only forestalling the inevitable.But it’s a different story for the rest of the world.Let’s see central banks in the DCs try to stop that with money printing!Harry Dent is an economic realist. Corporate debt declined whereas sovereign debt increased sizeably and household debt kept rising in 2018. And worse, it has the highest short-term component of that debt, which is more subject to default at 77%! For now, accelerated debt growth appears to be a price policy makers are willing to pay in order to brake the slowdown.Policy makers have beefed up fiscal support, including easing the rules for using government debt in some infrastructure projects. While that effort did have some success, borrowing in other sectors offset it, according to the IIF. China’s Companies Binged on Debt. Excluding … Now the bigger step up to $17.3 tr in 2018 with 2019 set to break that record by year-end at $17.4-plus tr. China, of course. US “nonfinancial” corporate debt – this excludes debt by banks and by businesses that are not incorporated – rose to a record $15.2 trillion in the fourth quarter, according to data released by the Bank for International Settlements last week. China’s efforts to rein in corporate debt continued in 2018.
In the first half of this year, local governments’ total net bond issuance reached 2.1765 trillion yuan ($316.5 billion), the finance ministry said on Tuesday.
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