Business
These are the three big challenges for China’s economy – The Australian Financial Review
Domestic reforms that address China’s main challenges would also help improve relations with the United States and other advanced economies.
Currently, however, the bank-dominated financial system favours lending to state enterprises, which are less productive and innovative than the private sector. One piece of evidence that shows the old investment-heavy growth model is running out of steam is that the debt-to-GDP ratio has been rising inexorably since the global financial crisis. If lending is financing productive investment and growth, then this ratio should be stable or slowly rising.
As diminishing returns to investment set in,…
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