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The Impact of the Great China Deleveraging

Over time, we expect a significant macroeconomic impact from China's commitment to financial deleveraging. First, for a large economy like China, deleveraging means a period of slower economic growth and larger external surpluses/lower deficits. We believe the Xi Jinping Administration understands there may be short-term economic costs, but still prefers to aim for a lower, higher-quality growth trend for China.

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